Investing.com — Alibaba (NYSE:) Group Holding is set to merge its South Korean operations with E-Mart’s e-commerce platform to strengthen its position in the country’s competitive online retail landscape.
AliExpress International and Gmarket will form a joint venture, with each company holding a 50% stake, according to an exchange filing by E-Mart (KS:), confirming earlier reports by Bloomberg News. Both firms intend to invest further in the partnership, which will take full ownership of Gmarket.
According to Bloomberg, the new venture could carry a valuation of approximately $4 billion.
Following the news, E-Mart shares rose 5.5% in Seoul, bringing the company’s market capitalization to $1.4 billion. Alibaba’s Hong Kong-listed shares climbed 2.6%.
The partnership aims to bolster competition against key domestic players such as Naver Corp (KS:). and Coupang LLC (NYSE:).
Alibaba is pushing to expand internationally as…
