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.

Alibaba Group Holding Ltd. is nearing a deal to merge its South Korean operations with E-Mart Inc.’s e-commerce platform to better compete in the country’s fast-paced online retail sector, according to people familiar with the matter.

Alibaba Group Holding Ltd. BABA is reportedly close to merging its South Korean operations with E-Mart Inc. in a deal valued at approximately $4 billion. This strategic move aims to bolster their position in South Korea’s competitive online retail market.

South Korean e-commerce market, Alibaba Group Holding Ltd. has entered into a significant agreement with E-Mart Inc. to form a joint venture.

The new entity, “Grand Opus Holding,” will launch in 2025 with equal ownership between Shinsegae and Alibaba’s international subsidiary. The partnership integrates Shinsegae’s Gmarket platform and Alibaba’s AliExpress Korea, while maintaining their independent operations.

E-Mart acquired a controlling stake in eBay’s South Korean online marketplace for about US$3 billion, expanding its customer base in groceries and general merchandise.

In a $4 billion agreement, Alibaba Group and E-Mart are merging their South Korean e-commerce platforms, forming a joint venture to take full ownership of Gmarket. The deal positions the companies to compete with

Group Holding is set to merge its South Korean operations with E-Mart’s e-commerce platform to strengthen its position in the country’s competitive online retail landscape. AliExpress International and

AliExpress International and South Korea-based E-Mart's e-commerce platform Gmarket are forming a 50-50 joint venture, Bloomberg News reported. The companies plan to make additional investments in the joint venture which will own 100% of Gmarket,