April 16, 2009 / 1:51 AM / 11 years ago

eBay buys Gmarket stake for $350 million

SEOUL, April 16 (Reuters) - South Korean online retailer Interpark Corp (035080.KQ) said on Thursday that it had agreed to sell $350 million worth of its shares in Gmarket Inc GMKT.O to eBay Inc (EBAY.O).

Shares in Interpark were up 1.61 percent as of 0142 GMT, underperforming the broader market’s .KQ11 2.41 percent rise.

U.S. online auctioneer and Interpark signed a preliminary agreement to sell its stake in Gmarket to eBay in September, after eBay won the South Korean antitrust watchdog’s conditional approval to buy a controlling stake in South Korean online retailer.

Editing by Jonathan Hopfner

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