Alibaba Group is nearing a deal to merge its South Korean operations with E-Mart's e-commerce platform in a transaction that would value the new joint venture at about $4 billion, Bloomberg News reported on Thursday.

Alibaba Group Holding Ltd. is nearing a deal to merge its South Korean operations with E-Mart Inc.’s e-commerce platform to better compete in the country’s fast-paced online retail sector, according to people familiar with the matter.

Alibaba is in talks to merge its South Korean operations with E-Mart's e-commerce platform, valued at $4 billion, though talks are ongoing and may take longer.

Alibaba Group Holding is nearing a deal to merge its South Korean operations with E-Mart's e-commerce platform in a transaction that would value the new joint venture at about $4 billion, Bloomberg News reported on Thursday.

The companies are finalizing details of the deal, which could be announced as soon as this week, the report added, citing people familiar with the matter