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Report: EBay nears deal to buy Qoo10's Japanese assets for $700M

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Report: EBay nears deal to buy Qoo10's Japanese assets for $700M

Online marketplace operator eBay Inc. is nearing a deal to acquire the Japanese assets of e-commerce site Qoo10 from its joint venture partner Giosis Pte. Ltd. for $700 million, Bloomberg News reported Feb. 26, citing a person familiar with the matter.

The source said that as part of the potential transaction, California-based eBay would shed its stake in Singapore-based Giosis.

Qoo10 operates in Singapore, Indonesia and Malaysia as well as Japan. It counts Singapore Press Holdings, Saban Capital Group Inc. and Oak Investment Partners among its investors, according to the report.

EBay declined to comment to Bloomberg News about the matter, while Qoo10 and Giosis representatives did not respond to requests for comment.