Poshmark officially acquired by Naver, ceases trading on Nasdaq
Naver Corp., Korea's largest internet company, announced on Thursday the completion of its previously-announced acquisition of Poshmark, Inc., whose common stock ceased trading and has been delisted from the Nasdaq.
In early October, Naver Corp said it had agreed to a $1.6 billion deal to buy the U.S.-based apparel resale platform firm, as a strategic investment to enter the U.S. e-commerce market. Naver said it would acquire all of the issued and outstanding shares of Poshmark for $17.90 in cash.
"As a part of Naver, we'll benefit from their financial resources, significant technology capabilities, and leading presence across Asia to expand our platform and enhance our user experience," said Manish Chandra, founder and CEO of Poshmark.
"I'm proud of what our team has built and look forward to seeing Poshmark employees benefit from being part of a larger, global organization who shares our values and vision around content, community, and empowerment."
Following the acquisition, Poshmark will continue to operate under its existing brand, as well as maintain its employee base and headquarters in Redwood City, California.
"I'm confident Naver's leading technology in search, AI recommendation, and e-commerce tools will enhance the user experience for the Poshmark community and create additional value for all our stakeholders," said Sooyeon Choi, CEO of Naver.
"Naver and Poshmark will immediately be well-positioned to compete globally in the future and benefit from C2C as a major revenue source."
In addition to Poshmark, Naver acquired North American online literature platform Wattpad for about $600 million in 2021.
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