Kirkland & Ellis is advising Naver Corp. (KRX: 035420) (“Naver”), Korea’s leading internet company and a top 50 global technology company by market capitalization, on its acquisition of Poshmark, Inc. (NASDAQ: POSH), a leading social e-commerce marketplace for new and secondhand style, for $17.90 in cash per share, representing an enterprise value of approximately $1.2 billion. Naver operates Korea’s No.1 search engine and largest e-commerce platform, and is a leading provider of fintech services, digital content and cloud services to a global community. The transaction expands and diversifies Naver’s leading e-commerce platform, strengthens its community with a global social network of younger users, and positions it to capitalize on the global online fashion re-commerce and sustainable economy opportunity. The transaction is expected to close by the first quarter of 2023 and is subject to customary closing conditions.
The Kirkland team was led by corporate partners Edward J. Lee, Rachael Coffey and Peter Fritz and associates Jimin He, Joshua Dulberg, Inhae Song and Arjun Mocherla, executive compensation partners Rohit Nafday and John Kleinjan and associate Paige Costakos, tax partners David Grenker, Adam Kool and Jake Jung and associate Joseph Riddle, technology & IP transactions partners Seth Traxler and Bernadette Coppola and associate Donovan Suh, and antitrust & competition partners Ian John and Marin Boney.