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Ebay is expanding it’s horizons by announcing it will be buying South Korea’s largest online marketplace for $1.2 billion.

Ebay already has agreements for around 67% of Gmarket shares and made a cash offer of $24 a share for outstanding shares to Gmarket. Yahoo, who owns a 10% stake in Gmarket, said it will sell its shares to Ebay

The South Korean e-commerce company runs Internet Auction Company.

CEO John Donahoe said the deal brings together market leaders, “offering more opportunities for sellers and enhances our ability to serve complementary consumer segments.”

The deal is expected to close in the second quarter of this year.

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Jeremy

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