Korean internet company Naver Corp. will acquire all of the issued and outstanding shares of Poshmark, Inc. for $17.90 in cash, representing an enterprise value of about $1.2 billion.
The deal is anticipated to close by the first quarter of 2023, subject to approval by Poshmark stockholders and the satisfaction of certain other customary closing conditions.
The acquisition of Poshmark, a social e-commerce marketplace for new and secondhand style, is expected to expand and diversify Naver's e-commerce platform.
Naver operates Korea's No.1 search engine and largest e-commerce platform. It is a leading provider of fintech services, digital content and cloud services to a global community.
The company's metaverse platform, Zepeto, is the second largest metaverse app in the world.
"The combination will create the strongest platform for powering communities and re-fashioning commerce. Poshmark is the definitive brand for fashion in the United States that provides a social network for buying and selling apparel. Naver’s leading technology in search, AI recommendation and e-commerce tools will help power the next phase of Poshmark’s global growth," said Choi Soo-Yeon, Chief Executive Officer of Naver.
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