South Korean businessman and founder of the Korean internet group Naver-Korelya, Hae-Jin Lee, poses for a photo session in Paris, on Oct. 19, 2017. Alain Jocard/AFP via Getty Images
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.
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