South Korean internet firm to acquire Poshmark for $1.2 billion
By Parija Kavilanz, CNN BusinessUpdated: Tue, 04 Oct 2022 00:33:35 GMTSource: CNNBusinessSouth Korean internet giant Naver is acquiring leading online resale platform Poshmark for $1.2 billion, the co
By Parija Kavilanz, CNN BusinessUpdated: Tue, 04 Oct 2022 00:33:35 GMT
Source: 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.
