Naver agrees to acquire fashion marketplace Poshmark for $1.2B

Naver, the South Korean search giant, today announced it plans to acquire secondhand apparel marketplace Poshmark for $1.2 billion in cash. The deal values publicly-traded Poshmark’s shares at $17.90 — a 15% premium over today’s closing price — and the companies expect it to close by Q1 2023, subject to approval by Poshmark stockholders and “the satisfaction of certain other customary closing conditions.”
Assuming the transaction goes through, Poshmark will become a standalone subsidiary of Naver led by CEO Manish Chandra and Poshmark’s current management te

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