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Shinsegae makes $3bn bet on online retail with eBay Korea buy

Winning bid puts group head-to-head with Naver and Coupang

Shinsegae aims to use its purchase of eBay Korea to boost its own e-commerce business. (Photo courtesy of Shinsegae)

SEOUL -- Shinsegae Group's $3 billion deal to buy eBay Korea vaults the South Korean retail giant into a three-way competition with Naver and fast-growing Coupang for the country's e-commerce market.

Shinsegae, which beat out a competing bid from rival retail group Lotte, will acquire 80% of the eBay unit's outstanding shares through core group company Emart, according to an announcement Thursday.

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