[Asia Economy Reporter Kang Nahum] Naver, the leader in the online shopping industry, is reportedly considering participating in the acquisition of eBay Korea, drawing attention to the background of this move.
According to the investment banking (IB) industry on the 19th, Naver is said to be in discussions about participating in the eBay Korea acquisition. A Naver official stated, "Nothing has been finalized yet," and did not deny the related matter.
'Naver Shopping,' operated by Naver, holds a 17% share of the domestic e-commerce market, ranking first in the industry. As of the end of last year, its transaction volume reached 28 trillion won. Despite this, the reason Naver is considering participating in the eBay Korea acquisition is believed to be due to concerns over Coupang, which has been increasing aggressive investments since its listing on the U.S. stock market. Coupang's transaction volume at the end of last year was 24 trillion won, closely chasing Naver Shopping.
If Naver joins the competition, the eBay acquisition battle is expected to heat up further. Previously, in the preliminary bidding for the sale of eBay Korea held in March, SKT, Lotte Shopping, Shinsegae, and MBK Partners participated.
One proposed method of Naver's participation is forming a consortium with Shinsegae Group, with which it recently exchanged shares to form a 'shopping alliance.' If this coalition succeeds in acquiring eBay Korea, an 'online shopping giant' with a total transaction volume approaching 50 trillion won will be created.
It is uncertain whether Naver will actually participate in the main bidding. The main bidding, originally expected in mid-May, has been delayed by about half a month due to procedural reasons.
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