Yahoo, the chief US Internet Company has approved to purchase a 10% stake in the South Korean online retailer Gmarket. This is aimed at tapping the country’s $11 billion online shopping industry.
Yahoo has, in fact confirmed buying the stake from US venture capital firm Oak Investment Partners. Oak Investment Partners is the second-largest shareholder in Gmarket with 29% stake.
No confirmation has till now been made by Gmarket on the deal. Interpark, South Korean Internal Portal operator owns the biggest shareholding with a 33.74% stake in Gmarket, while Interpark chairman holds 10.27%.
A net profit of 4.3 billion has been posted by Gmarket in 2005.
