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.

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

Alibaba Group Holding Ltd. agreed to form a joint venture for its South Korean operations with E-Mart Inc.'s e-commerce platform to better compete in the country's fast-paced online retail sector.

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.

By Joyce Lee and Hyunjoo Jin SEOUL (Reuters) -South Korean retailer Shinsegae plans to set up a joint venture with Alibaba International, Shinsegae affiliate E-Mart said on Thursday. The joint venture will be formed partly by Shinsegae investing its 100% stake in South Korean e-commerce platform Gmarket,

The JV will work with Alibaba to expand Gmarket, an online shopping platform of billionaire Chung Yong-jin’s Shinsegae.

Alibaba Group Holding Ltd. and E-Mart Inc. have partnered to create a 50-50 joint venture between AliExpress International and Gmarket in South Korea's competitive e-commerce market. The JV will own 100% of Gmarket,