Singapore's Qoo10 takes over Interpark Commerce to expand in S. Korea
SEOUL, March 31 (Yonhap) -- Qoo10 said Friday it is taking over the entire stake in Interpark Commerce Corp. from the South Korean booking app Yanolja Co. for about around 150 billion won (US$114.9 million), as the Singapore-based e-commerce platform is pushing to strengthen its presence in South Korea.
Qoo10 will acquire the entire stake in Interpark Commerce, the shopping and book selling unit of Interpark Corp., which was previously owned by Yanolja Co.
In 2021, Yanolja had purchased a 70 percent stake worth some 294 billion won in Interpark, but spun off the platform's mobile shopping and online book businesses earlier this month under "Interpark Commerce" to streamline operations.
Following the acquisition, Qoo10 will own the rights to operate Interpark's mobile shopping platform and its online bookstore.
Qoo10 and Yanolja declined to disclose the financial terms of the acquisition.
Along with Interpark, Qoo10 is said to be in discussions to take over Wemakeprice Inc., a South Korean social commerce platform, amid its push to beef up business in South Korea, following the acquisition of TMON Inc. last year.
Based in Singapore, Qoo10 is an e-commerce platform founded by eBay, and GMarket founder Young Bae Ku. The site operates localized market places across five Southeast Asian countries, including Indonesia, China, Hong Kong and Malaysia.
Its affiliate, Qxpress, reported around 150 billion won in sales in 2020. It is pushing for an initial public offering on the tech-heavy Nasdaq Composite, which is currently under review by the U.S. Securities and Exchange Commission.
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