South Korean internet firm to acquire Poshmark for $1.2 billion – CNN

New York CNNBusiness —

South Korean internet giant Naver is acquiring leading online resale platform Poshmark for $1.2 billion, the companies announced Monday.

Under the terms of the deal, Naver is paying $17.90 a share in an all-cash deal.

Poshmark shares rose 14% in after-hours trading on the news.

Naver, which operates a search engine and ecommerce platform in South Korea, said the deal with Poshmark will help it expand into offering a “socially responsible and sustainable shopping experience designed around sellers of all sizes and interests – from individual and influencer sellers.”

For Poshmark, the deal expands its global reach by helping it enter new and large markets, Poshmark CEO Manish Chandra, said in a statement.

Upon completion of the deal, the companies said Poshmark will become a standalone US subsidiary of Naver. Chandra will remain as its CEO, the companies said.

Read Full Story: https://www.cnn.com/2022/10/03/business/poshmark-naver/index.html

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source: https://news.oneseocompany.com/2022/10/03/south-korean-internet-firm-to-acquire-poshmark-for-12-billion-cnn_2022100332097.html

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