Naver (NAVER) will turn its Spanish investment affiliate NW Holdings into a wholly owned subsidiary.
On the 16th, Naver disclosed that it decided to acquire an additional 562,707,374 shares of its Spanish investment affiliate NW Holdings (NW HOLDINGS INTERMEDIA, SOCIEDAD LIMITADA) for about 972.8 billion won.
The scheduled share acquisition date is Mar. 30 next year, and after the acquisition, Naver's equity stake in NW Holdings will be 100%.
Naver said it "converted funds lent to a local affiliate into capital to secure the purchase price for acquiring Spanish Wallapop."
Wallapop is Spain's No. 1 secondhand-trade corporations, and Naver already secured an equity stake in Wallapop in 2021.
The share purchase is intended to pass the funds needed for the Wallapop acquisition to NW Holdings, which will be the acquiring party, and the company plans to secure the remaining 70.5% in addition to its existing 29.5% equity.
Choi Soo-yeon, Naver's CEO, said, "We have acquired Wallapop, a C2C corporations with a diverse product lineup," adding, "We will deepen our understanding of usability among users in Spain and Europe and diversify our data."