Naver to Acquire Poshmark in Deal Valued at $1.2 Billion


Poshmark is a social marketplace for new and used clothing.


Michael Nagle/Bloomberg News

Naver Corp.

035420 -5.43%

plans to acquire

Poshmark Inc.,

POSH -0.64%

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

Manish Chandra

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.

Copyright ©2022 Dow Jones & Company, Inc. All Rights Reserved. 87990cbe856818d5eddac44c7b1cdeb8

Source link