EBay putting $10M toward joint venture to grow Gmarket presence in Japan, Singapore

EBay in joint venture to grow Gmarket in Asia

SAN FRANCISCO — EBay Inc. and the founder of Gmarket, a South Korean online marketplace that eBay bought last year, said Thursday that they are forming a joint venture to expand Gmarket’s footprint in Japan and Singapore.

Under the agreement, eBay and Gmarket’s founder, Young Bae Ku, will each put $10 million toward the joint venture. EBay will also provide assets that are part of Gmarket’s Japanese and Singapore operations and allow the venture to license Gmarket’s technology.

San Jose-based EBay will own 49 percent of the joint venture and Ku will own 51 percent. Ku will serve as the joint venture’s CEO.

EBay paid $1.2 billion for Gmarket in June 2009, and the online marketplace operator has been working to combine it with Internet Auction Company, or IAC, which is a South Korean online marketplace eBay bought in 2001.

EBay and Ku said their agreement should also help Gmarket grow in other Asian countries.