🚚 Oasis Acquires 11Street
Oasis Corp., a South Korean grocery delivery platform, is set to acquire 11Street Co., a leading e-commerce operator. This move comes as Oasis aims to strengthen its position in the competitive online shopping market. The acquisition is driven by the growth of Chinese platforms like AliExpress and Temu in Korea.
📈 Deal Details and Financials
Nile Holdings Consortium, the financial investor of 11Street, has received a letter of intent from Oasis. The proposed deal involves a 100% stake in 11Street in exchange for around 25% of Oasis and shares in Route, Oasis’ logistics tech arm. Oasis, valued at $1.1 billion, previously postponed its IPO due to low investor interest.
🌐 Expanding Market Reach
If the deal is completed, Oasis will expand its customer base and directly deliver Korean groceries to international markets through an existing partnership between Amazon.com Inc. and 11Street. This acquisition is expected to transform the Korean e-commerce landscape, allowing Oasis to offer a wider range of products.
💡 Market Impact
Korea is the fifth-largest e-commerce market globally, with a market size of $178.6 billion last year. 11Street is the third-largest e-commerce platform in Korea. Its acquisition by Oasis will create a significant player in the industry. Despite 11Street’s $125.8 million operating loss last year, its revenue increased by 9.7% to $675.4 million.
How will Oasis’ acquisition of 11Street change the e-commerce market?
