plans to acquire
a social marketplace for new and used clothing, for $17.90 a share in cash, the companies said Monday.
The deal represents an enterprise value of about $1.2 billion.
Naver, based in Seongnam-si, South Korea, is the country’s largest internet company. The boards of both companies approved the transaction, which is expected to close by the first quarter of 2023, according to a joint statement.
Poshmark, based in Redwood City, Calif., will become a stand-alone U.S. subsidiary of Naver once the deal is completed. Chief Executive
and the Poshmark executive team will continue to lead the company, both companies said.
Naver, led by CEO Choi Soo-Yeon, said the acquisition accelerates its strategy to build a global e-commerce community portfolio. Poshmark also plans to tap into Naver’s record in Asia and its experience investing in consumer-to-consumer platforms, the companies said.
Poshmark shares climbed 16% to $18 a share in U.S. after-hours trading on Monday.
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