Alibaba Nears $4 Billion Deal for 50-50 Joint Venture with E-Mart and Gmarket

Dec 26, 2024, 08:43 AM

Alibaba Group Holding Ltd. is nearing a deal to merge its South Korean operations with E-Mart Inc.'s e-commerce platform, creating a joint venture valued at approximately $4 billion. This strategic alliance aims to enhance Alibaba's competitiveness in South Korea's rapidly evolving online retail sector. The new venture will be a 50-50 partnership between Alibaba and E-Mart, which is part of Shinsegae, a major South Korean retail group. The merger is seen as a response to the challenges faced by Shinsegae in the e-commerce market. Reports indicate that the deal is expected to be finalized soon, further solidifying Alibaba's presence in the region.