South Korea’s Naver Acquires US E-Commerce Platform Poshmark for $1.2 Billion
South Korea’s internet giant Naver said Monday that it will acquire Poshmark, a U.S.-based social commerce platform, for $1.2 billion, including all of its issued and outstanding shares.
Naver said that it would acquire each share of Poshmark for $17.90 in cash, a 15 percent premium over Poshmark’s Monday closing price. The enterprise value for Poshmark is $1.2 billion.
The company aims to capitalize on the $80 billion U.S. e-commerce market, which it estimates will grow by 20 percent annually to $130 billion by 2025, through its acquisition of Poshmark.
“This transaction provides Naver with an enhanced foothold in the U.S., expanding its international profile, which it has steadily increased both organically and through investments over the past 20 years,” it stated….