April 16, 2009 / 3:36 AM / 10 years ago

UPDATE 1-Yahoo says to sell 10 pct Gmarket stake to eBay

*Yahoo agrees to tender Gmarket stake to eBay

*Sale would give Yahoo $52 mln pre-tax gain - source

SAN FRANCISCO, April 15 (Reuters) - Yahoo Inc YHOO.O said on Wednesday it is selling its 10 percent stake in South Korean online commerce site Gmarket Inc GMKT.O to eBay Inc (EBAY.O).

The move follows eBay’s announcement earlier on Wednesday that it was commencing a tender offer to acquire all common shares and American Depository Shares of Gmarket for $24 a share. eBay said the total purchase price will be approximately $1.2 billion. [ID:nSEO17563]

A source familiar with the situation said the sale would result in $120 million in proceeds for Yahoo, and a $52 million pre-tax gain.

Yahoo purchased its stake in Gmarket in June 2006 from venture capital firm Oak Investment Partners. (Reporting by Alexei Oreskovic; Editing by Muralikumar Anantharaman)

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