이 기사는 2021년 03월 18일 08시59분 thebell에 표출된 기사입니다

Naver Corp has announced a partnership with the Shinsegae Group to expand its ecommerce business as the competition gets tougher to achieve dominance in the online shopping market.

The internet giant exchanged its shares worth 250 billion won ($220.9 million) for those in two affiliates of the retail conglomerate, Emart and Shinsegae International, Wednesday, according to a regulatory filing.

The transaction will allow Naver to own 2.96% and 6.85% of Emart and Shinsegae International, respectively, with the stakes of each firm worth 150 billion won and 100 billion won. Meanwhile, Emart and Shinsegae International will respectively own 0.18% and 0.27% of Naver.

The deal highlights the upgraded status of Naver in the country’s stock market, industry watchers said. Naver shares have risen almost five-fold over the past three years, from around 80,000 won (adjusted for the stock-split) to more than 380,000 won.

In contrast, Emart stock has fallen nearly 60% in the same period. Shinsegae International shares have more than doubled to about 210,000 won, but its gains are far less impressive compared to Naver. If the partnership had been struck three years ago, both Emart and Shinsegae International would have been able to acquire five times more of Naver shares than now.

Some observers say the deal was more beneficial to the Shinsegae Group than Naver, given expectations that Naver shares are likely to rally further in coming years. With its market capitalization of more than 63 trillion won, the online portal is the third largest company in the Kospi index after Samsung Electronics and SK Hynix.

Through the partnership, Naver will work with the Shinsegae Group to boost its online and offline presence in areas such as fresh groceries and luxury goods, as well as to find new business opportunities in areas like logistics and payments. (Reporting by Hana Suh)