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"We have made the final decision on eBay's bid on Gmarket Inc. on condition that they do not raise sales commissions for the next three years," South Korea's Free Trade Commission (FTC) said in a statement.
eBay was also retrained in fees related to ads and other services below the local inflation rate, according to the FTC.
The watchdog said that it granted a conditional approval for the takeover bid as it believed the merger would have a limited impact on fair market competition given the dynamism in the online marketplace.
The approval came after the U.S.-based Internet commerce site announced its cash tender offer of 24 U.S. dollars per share for all outstanding common shares and American depository shares in Gmarket.
eBay said it plans to combine Gmarket and eBay's South Korean unit, the Internet Auction Co., which would put the company in the dominant position of the South Korean online retail market.
The two companies already take up about 90 percent of online shopping in South Korea, and have a combined total of more than 15. 4 million registered users.
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