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.
