Lawyers from our Silicon Valley and Hong Kong offices represented eBay, the world’s largest online marketplace, in negotiating a joint venture agreement with Young Bae Ku, the founder of Gmarket, a leading e-commerce company in Korea. The joint venture intends to grow Gmarket’s online marketplaces in Japan and Singapore and to expand across select markets in Asia.
eBay will contribute assets from Gmarket’s existing Japanese and Singaporean businesses to the joint venture, and eBay and Young Bae Ku will each make financial contributions of approximately $10 million to the venture. eBay will also license Gmarket’s technology and brand on behalf of the joint venture, while Young Bae Ku will provide local management expertise.
Partners Jane Ross and John Brockland led the deal team. Assistance was provided by Partners Keith Flaum, Paul Chen and Heng Loong Cheong. Keith and Jane previously handled eBay’s $1.2 billion acquisition of Gmarket.
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