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Business deals

South Korea's Naver to buy U.S. fashion app Poshmark in $1.6bn deal

Deal allows expansion into North America's e-commerce market

Consumer-to-consumer fashion marketplace Poshmark boasts 37 million users. (Photo courtesy of Poshmark)

SEOUL -- Naver will buy U.S. fashion e-commerce platform Poshmark in a deal worth $1.6 billion, the South Korean tech company said Tuesday, marking its biggest acquisition ever.

The search engine operator will purchase all Poshmark shares at $17.90 each, a 15% premium over Monday's closing price of $15.57. The deal will be executed through a special purpose company established by Naver and will be completed during the January-March period of next year.

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