Poshmark has deal to sell itself for $1.2B – Retail Dive

Dive Brief:

• Poshmark has agreed to be acquired by South Korean internet giant Naver in a deal that gives Poshmark an enterprise value of $1.2 billion.
• Under the deal, Poshmark would sell all of its outstanding shares to Naver for $17.90 a share, which is a premium to its recent trading price but less than half the price that the resale marketplace’s shares sold at in its initial public offering less than two years ago.
• The companies expect the deal to close in the first quarter of 2023. The acquisition is subject to shareholder approval, though Naver said it has secured voting and support agreements from stockholders representing 77% of Poshmark’s outstanding shares.

Dive Insight:

In the announcement of Poshmark’s acquisition, the companies said the merger aims to combine “Poshmark’s unique discovery-based social shopping platform and deeply engaged community with Naver’s technological prowess in upleveling the e-commerce experience.”

Naver claims to operate South Korea’s top…

Read Full Story: https://www.retaildive.com/news/poshmark-to-sell-itself-one-billion/633262/

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source: https://news.oneseocompany.com/2022/10/04/poshmark-has-deal-to-sell-itself-for-12b-retail-dive_2022100432190.html

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