South Korean operations with E-Mart Inc.’s e-commerce platform to better compete in the country’s fast-paced online retail sector.AliExpress International and Gmarket are creating a 50-50 JV, according to a stock exchange filing by E-Mart which confirmed a report by Bloomberg News.

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 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,