Yahoo has bought a 10 percent stake in Korea’s biggest online retailer GMarket, for an undisclosed amount. This stake was held by VC firm Oak Investment Partners. Oak is the only significant outside-U.S. institutional investor in Gmarket...with this sale, it still won 19.26 percent of Gmarket. South Korean portal site operator Interpark owns a majority 33.74 percent in company.
Beyond this investment, Yahoo Korea and Gmarket, also known as Gmart in Korea, will work on other oportunities in Korea and Asia, the companies said.
Concurrently, Gmarket has also filed for an IPO in U.S., Reuters reports, and may raise up to $100 million.  Terms have not been set for the offering expected to be lead by underwriters Goldman Sachs International, Thomas Weisel Partners LLC and Cowen and Co.