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.