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EBay Wins Approval For South Korean Acquisition
SEOUL, South Korea (AP) — Ebay Inc. has won regulatory approval to acquire online marketplace Gmarket, South Korea's antitrust watchdog said Thursday.
The Korea Fair Trade Commission's approval included various conditions for a period of three years such as keeping increases in registration and advertising fees within South Korea's rate of inflation. EBay announced last week it would pay as much as $1.2 billion to acquire Gmarket Inc., expanding its presence in South Korea, the world's sixth-largest e-commerce market. The San Jose, California-based company plans to combine Gmarket with Internet Auction Company, or IAC, the South Korean online marketplace it acquired in 2001. Gmarket and IAC had a combined online marketplace share of 87.5 percent last year, the commission said. Other conditions eBay must follow during the three-year period include not increasing sales commissions. The regulator said eBay must also take steps to protect small sellers and establish and carry out a plan to follow South Korean antitrust law. EBay may seek changes to the conditions after Jan. 1, 2011 in the event that market conditions change.TheStreet Premium Services
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