Alibaba nears $4 bln JV deal with S.Korea's E-Mart, Bloomberg News reports (updated)

E-Mart

26/12/2024 06:47

(Adds details in paragraphs 2-4)
       Dec 26 (Reuters) - Alibaba Group  9988.HK  is nearing a
deal to merge its South Korean operations with E-Mart's
 139480.KS  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)
 ((mrinmay.dey@tr.com; +91 7362903319;))