South Korean internet giant Naver plans to acquire Poshmark for $17.90/share, representing an enterprise value of ~$1.2B; Poshmark's stock jumps 10%+
Kathryn Hardison / Wall Street Journal :
Wall Street Journal Kathryn Hardison
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- Naver to buy US social commerce platform Poshmark for $1.6b The Korea Herald
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- Naver shares slump after acquiring second-hand clothes platform Poshmark Financial Times
- Resale market-focused Poshmark is sold for $1.2B to S. Korean firm WRAL TechWire
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Discussion
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@eringriffith
Erin Griffith
on x
Wow. When Poshmark went public in early 2021, the stock opened at $97.50. This deal values shares at $17.90. https://twitter.com/...
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@carnage4life
Dare Obasanjo
on x
Poshmark IPOed for $3B last year and is getting acquired for less than half that $1.2B. It really puts the excellence of Figma in context to consider its valuation doubled from $10B to $20B over the same period. https://techcrunch.com/...
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@skupor
Scott Kupor
on x
Will be interesting to see if this is a new trend - non-US buyers acquiring US tech businesses - at least in part as a response to the FTC's pre-disposition to challenge US-US tech acquisitions. https://twitter.com/...
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@sarthakgh
Sar Haribhakti
on x
It IPOed at 3.5 billion and ended first day of trading at over 7 billion in January of 2021 Every consumer IPO of past 2-3 years after a decade of existence as private company has made retail bag holders That's the strongest case for going public sooner https://techcrunch.com/...
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@mattahertz
Matthew Hertz
on x
Poshmark getting acquired for $17.90/share. First day of trading 20 months ago it was $97.50. Glad there's a floor. https://www.wsj.com/...?
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@poshmarkapp
@poshmarkapp
on x
Today marks a significant milestone as we shape the future of shopping and serve our growing community. We have entered into an agreement to be acquired by @official_naver, Korea's largest internet company. Learn more here: https://www.businesswire.com/ ... https://twitter.com/..…
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@danprimack
Dan Primack
on x
More on Poshmark/Naver: Two sides first met 9 months ago. First discussed strategic partnership. No bank auction. Naver not worried about CFIUS review. https://www.axios.com/...