Timon, the first generation of e-commerce, was sold to Qoo10, a Southeast Asian direct purchase company, as expected by the market.
According to Newsis and the Emercus industry on the 2nd, Q10 signed a contract to acquire 100% of the shares of Timon from Timon Investment Company.
The acquisition was made by exchanging 100% of the stake in Timon owned by the Anchor Equity Partners (PE)-Kolberg Kravis Roberts (KKR) consortium, the major shareholder of Timon, and the stake in Q Express, a logistics subsidiary of Q10.
Timon informed employees of the acquisition through an internal notice on the same day. After the acquisition, the company plans to introduce a new organizational reorganization and personnel system. The industry is interested in whether CEO Jang Yoon-seok’s system, which is currently leading the company with the ‘brand fulfillment’ strategy, can be maintained.
Q10 is a company led by CEO Young-bae Koo, who was responsible for elevating Gmarket to the top of the domestic e-commerce market in the 2000s. At the time, CEO Koo sold Gmarket to eBay and established Q10, a joint venture with eBay at a ratio of 51:49.
In the meantime, CEO Koo was unable to touch the domestic online business due to a contract prohibiting competition (sales competition) signed with eBay of the United States. However, when the contract period was over, he turned his attention to the domestic online business again, and it is said that he has been searching for an online-based company that can create synergy with Q10.
CEO Koo’s blueprint is to build a ’11st-Amazon’ business model by utilizing the infrastructure of overseas direct purchase business.
The sale price of Timon is unknown, but the industry estimates that the company’s value has fallen to 200 billion won.
When Lotte Group took the initiative in 2019 and attempted to sell once, the sale price of Tmon was estimated to be around 1.25 trillion won, but when it started looking for a buyer again earlier this year, the valuation of the company was 580 billion won.
After that, Q10, who remained as the sole negotiator, lowered the corporate value of Timon by half and offered 270 billion to 290 billion won.
Reporter Kim Hyun-joo [email protected]
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