The South Korean Fair Trade Commission (KFTC) has approved eBay Inc.’s proposed acquisition of a 36.6-percent stake in Korea-based online marketplace Gmarket Inc. from Interpark Corp. and its chairman Ki Hyung Lee. eBay’s Internet operations in South Korea, named Internet Auction, compete directly with Gmarket’s online auction and shopping website. Were eBay to raise its stake in Gmarket through the share purchase from Interpark, it would control more than 50 percent of its largest competitor and effectively control 87 percent of the market in Korea for Internet-based consumer-to-consumer transactions. Acknowledging the high degree of concentration posed by the transaction, the KFTC nevertheless cleared eBay to proceed on the condition that the companies agree to not raise seller commissions for three years following the deal. The KFTC further cited ease of entry into the market as a justification for allowing the deal to go forward.