EBay To Buy Giosis' Japan Biz

(RTTNews) - eBay Inc. (EBAY), Tuesday said it will acquire Giosis' Japan business, including the Qoo10.jp platform. Financial terms were not disclosed.

eBay currently is an investor in Giosis Pte. Ltd., which runs a number of localized marketplaces in Asia, including Giosis' Japan business. As part of the transaction, eBay will relinquish its investment in Giosis' non-Japanese businesses.

"The acquisition of Giosis' Japan business significantly expands eBay's footprint in Japan, one of the largest e-commerce markets in the world. Building on the strength of the Qoo10.jp platform, we will be able to offer Japanese consumers more inventory from around the world," said Devin Wenig, President and CEO of eBay Inc.

eBay made an initial investment in Giosis Pte. Ltd. in 2010. Since then, Giosis has established dynamic marketplace businesses across Asia.

The acquisition is expected to close in the second quarter of 2018.