plans to accumulate
a social market for brand spanking new and used clothes, for $17.90 a share in money, the businesses mentioned Monday.
The deal represents an enterprise worth of about $1.2 billion.
Naver, primarily based in Seongnam-si, South Korea, is the nation’s largest web firm. The boards of each corporations permitted the transaction, which is anticipated to shut by the primary quarter of 2023, based on a joint assertion.
Poshmark, primarily based in Redwood Metropolis, Calif., will change into a stand-alone U.S. subsidiary of Naver as soon as the deal is accomplished. Chief Govt
and the Poshmark govt staff will proceed to guide the corporate, each corporations mentioned.
Naver, led by CEO Choi Soo-Yeon, mentioned the acquisition accelerates its technique to construct a world e-commerce group portfolio. Poshmark additionally plans to faucet into Naver’s document in Asia and its expertise investing in consumer-to-consumer platforms, the businesses mentioned.
Poshmark shares climbed 16% to $18 a share in U.S. after-hours buying and selling on Monday.
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