Yahoo will buy a roughly 10 percent stake in South Korea’s GMarket, a provider of e-commerce services, for $60 million, the Associated Press reports via the Boston Herald.
Yahoo will buy the stake from Oak Investment Partners, the sole external institutional GMarket investor, according to the AP.
Helena Maus, a Yahoo representative, told the AP, “What we don’t have in Korea is a leadership position in e-commerce auctions. GMarket’s leadership position in Korea would be valuable to us.”
For related news coverage, read Yahoo CEO Semel to Receive $1 Salary.
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