[Alpha Biz=(Chicago) Reporter Kim Jisun] The Fair Trade Commission approved Singapore-based e-commerce company Qoo10's acquisition of local rivals Interpark Commerce and Wemakeprice, respectively.

The FTC judged that there is little concern that the combination will limit competition in the open market and overseas direct purchase markets, and that if small and medium-sized businesses are integrated, they could grow into competitors to check Naver and Coupang and promote competition.

Qoo10 reported to the Fair Trade Commission after acquiring 100% of Interpark Commerce shares and 86% of Wemakeprice shares in April and May, respectively.

These companies have less than KRW 2 trillion in total assets and sales, so they can report a business combination to the FTC and get approval afterwards.

 

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