Gmarket's directors voted unanimously to approve the transaction, which was expected to be completed by the end of June, with eBay offering US$24 a share.
The total purchase price would be about US$1.2-billion if all outstanding shares are tendered, with eBay currently holding 67% of Gmarket as a result of shares already tendered.
South Korea's Fair Trade Commission last September gave conditional approval for the deal.
"The FTC approved the deal as most Internet-based markets are easily accessible and new competitors may emerge at any time in online markets," a spokesman for the commission said at the time.
California-based eBay announced plans Tuesday to spin off Web communications service Skype, saying it wants to focus entirely on its two core growth engines, e-commerce and online payments.
Source: AFP