Asian Tech Press -- E-Mart Inc (139480: Korea SE), South Korea's largest retailer, has signed a final contract for an 80% stake in eBay Inc's South Korean business, according to Maeil Business Newspaper.

E-Mart, a subsidiary of the South Korean traditional retail giant Shinsegae Group, signed a securities purchase agreement with the head office of eBay Inc. on Wednesday to acquire an 80% stake in its Korean business with an option for full ownership.

The retail company announced in a disclosure that Emerald SPV a special purpose company it has set up for specific mergers and acquisitions, has signed a contract with eBay to acquire 80.01% of its Korean business for 3.4 trillion won (about $3 billion).