EBay to Boost Stake in S. Korea Auction Firm
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EBay Inc., which has been aggressively expanding in Asia, plans to increase its stake in South Korea’s largest online auction company.
The San Jose-based Internet auction giant said it would buy nearly 3 million publicly held shares of Internet Auction Co. from institutional investors, mainly venture capitalists, to boost its ownership stake to 86% from 62%.
The $325.6-million cash purchase is expected to be completed as soon as Seoul-based Internet Auction’s stock hits $108.85 and clears local securities regulations.
EBay shares climbed $1.09 to $87.63 on Nasdaq.
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