EBay negotiating to buy stake in South Korea's Gmarket

EBay is in talks to buy a minority stake in the South Korean online marketplace operator Gmarket, an Associated Press report said.

The talks are with Interpark and its chairman, Ki Hyung Lee, who own a combined 37% of Gmarket, the Associated Press report said.

Yahoo also owns a stake in Gmarket.

A purchase would mark eBay's latest move to capture the online auction market outside the US, the report added.

The company says more than half of its revenue already comes from abroad.

EBay already runs Korean online auction site internet Auction. EBay's other international auction forays include its ownership of a stake in Buenos Aires, Argentina-based MercadoLibre and re-entrance to the Japanese market with Yahoo Japan, Yahoo's joint venture with Softbank.

EBay spokesman Jose Mallabo said that no definitive agreement has been reached or signed, but that a voluntary preliminary filing was made with the Korea Fair Trade Commission seeking preliminary approval.