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Ebay tightens grip on Asia market
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eBay has placed its bets on South Korean affiliate Internet Auction with the hope that it will all pan out. eBay is the worlds largest auction site as it is, however they are looking to expand their position the world over. Guess Asia is a good place to start as any.
Ebay said it paid $325m (£180.3m) to increase its holding to 86% from 62%. It plans to buy the remaining shares.
South Korea has the highest broadband penetration rate in the world - with 11 million users out of a total population of 48 million.
nternet Auction has 9.9 million subscribers - more than a fifth of the country’s population.