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EBay to buy Qoo10 Japan shopping platform from Giosis

As expected, California-based eBay Inc. has agreed to acquire the Japanese assets of online marketplace operator Giosis Pte. Ltd., which include the Qoo10.jp shopping platform.

As part of the transaction announced Feb. 27, eBay will give up its investment in Giosis' non-Japanese businesses. The California-based company has been an investor in Singapore-based Giosis, which runs e-commerce marketplaces across Asia, since 2010.

Financial details were not disclosed, although the deal was previously reported to be worth $700 million. EBay said the transaction was expected to close in the second quarter.

With the acquisition, eBay will gain access to Qoo10.jp's user base of 2 million consumers in Japan and provide them with an expanded selection of products from around the world.

Ebay said it will give an update on the deal's possible financial impact with its first-quarter earnings report in April.