Travel and leisure platform operator Yanolja said on Thursday that it will acquire a 70 percent stake in Interpark, one of South Korea’s first e-commerce platforms, for 294 billion won ($248 million).
Following the announcement of the deal, Yanolja said it would enter the global tourism market with the new “growth engine.”
“The international tourism market has been dominated by foreign platforms. The acquisition will see Yanolja enter the market as a South Korea company,” the company said in a statement.
In a regulatory filing Thursday, Interpark said it would split off the e-commerce business into a separate entity for the stake sale.
“Interpark has chosen Yanolja as the preferred buyer and has signed a memorandum of understanding with it,” the company said, adding that the main contract will proceed after due diligence.
The move comes months after Interpark was put up for sale in July. The first-generation e-commerce platform gained popularity first as an online bookstore and later expanded its service to flight and concert ticket sales.
Yanolja said it would continue to expand its global business as competition is expected to heat up in the tourism sector post-COVID-19. Plans for programs to support domestic tourism will also expand.
Having focused on the “software as a service” business model in its global business operation, the company said acquiring Interpark will give its platform an edge, linking international tourism platforms with its software as a service, for instance.
The company added it is proactively preparing for a rise in international travel demand through the new deal.
By Yim Hyun-su (firstname.lastname@example.org