Published by Uma Rajagopal
Posted on December 26, 2024
(Reuters) -Alibaba Group is nearing a deal to merge its South Korean operations with E-Mart’s e-commerce platform in a transaction that would value the new joint venture at about $4 billion, Bloomberg News reported on Thursday.
The companies are finalizing details of the deal, which could be announced as soon as this week, the report added, citing people familiar with the matter.
Alibaba and E-Mart did not immediately respond to Reuters’ requests for comment.
Last week, Alibaba said it would sell its Chinese department store unit Intime and book a $1.3 billion loss from the deal, as the retail giant reshuffles its business portfolio to focus on its core e-commerce operations.
(Reporting by Mrinmay Dey in Bengaluru; Editing by Abinaya Vijayaraghavan)
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