South Korea’s Naver to acquire US fashion social commerce Poshmark for $1.6 billion

South Korean tech firm Naver Corp said it agreed to a $1.6-billion deal to buy Poshmark Inc, a US apparel resale platform firm, as a strategic investment to enter the US ecommerce market.

Naver will acquire all of the issued and outstanding shares of Poshmark for $17.90 in cash. The deal is expected to close in the first quarter of next year.