Shinsegae Group has been confirmed to become the new owner of eBay Korea. 

Emart, a discount store chain of Shinsegae, said on Thursday it will sign a sales and purchase agreement(SPA) with U.S. e-commerce giant eBay to buy 80 percent of its Korean unit at a price tag of three-point-44 trillion won. 

With the deal, Shinsegae, which has a three percent share in South Korea’s e-commerce market, will emerge as the No. 2 player in the market. eBay Korea, which runs three open market platforms Gmarket, Auction and G9, has a 12 percent share in total. 

Currently, Coupang holds the second biggest market share at 13 percent, while top portal operator Naver leads the market at 18 percent. 

Last week, a consortium consisting of Shinsegae and Naver was chosen as the preferred bidder over Lotte Shopping, which reportedly offered to pay less than 3 trillion won for an 80 percent stake in eBay Korea. 

Naver on Tuesday withdrew its intent to participate, leaving Shinsegae as the sole bidder.