eBay Reportedly to Buy Stake in Gmarket

SEOUL -- eBay(EBAY Quote) will purchase a substantial stake in the operator of a leading South Korean online marketplace, a news report said Monday.

Online newspaper edaily reported that eBay will buy a 34.21% stake in Gmarket(GMKT Quote) from Interpark Corp. and its chairman Lee Ki-hyong for $24 a share, or $413 million.

The report, which quoted an unnamed industry source in mergers and acquisitions, said the deal was clinched last week during a visit to South Korea by eBay CEO John Donahoe.

The deal would make eBay the largest shareholder in Gmarket, the report said.

An investor relations official at online shopping mall Interpark, who refused to give her name, said, however, that there was "no assurance" of a deal, a position confirmed by company spokeswoman Lee Eun-young.

Paul Lee, general counsel for Gmarket, said his company was "not in a position to comment."

San Jose, Calif.-based eBay said in September it received preliminary conditional approval from South Korean regulators for its potential purchase of a stake in Gmarket.

The online auction site had announced in August it was in talks with Interpark and its chairman.

If eBay does buy the stake, it would be its latest venture into the online auction market outside the United States.

Shares of Gmarket closed Thursday at $18.12.