Alibaba Group Holding ADR shares were up 0.83% on Thursday morning after the retail giant agreed to a joint venture between its e-commerce operations and South Korea’s E-Mart Inc.’s e-commerce platform,

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 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.