Barcelona, Spain – South Korea’s Naver Corporation has finalized its acquisition of Wallapop, a leading Spanish online marketplace for second-hand goods, in a deal valued at €600 million. The completion of the transaction, announced on , follows the receipt of all necessary regulatory approvals, according to a company statement.
Naver, South Korea’s dominant search engine, initially took a 29.5% stake in Wallapop before moving to a full acquisition. The move signals a significant expansion of Naver’s footprint in the European market and builds upon its existing portfolio of global social commerce platforms, including U.S.-based Poshmark. The acquisition was initially announced in the summer of .
Wallapop, founded and headquartered in Barcelona, operates primarily in Spain, Italy, and Portugal. The company will retain its headquarters in the Catalan capital, and its current CEO, Rob Cassedy, will remain in his position, along with the existing staff. This continuity is intended to ensure a smooth transition and maintain the company’s established presence in the region.
Naver anticipates leveraging its expertise in artificial intelligence (AI), advertising, search technology, and payment systems to enhance Wallapop’s platform and drive further growth. The South Korean firm believes the acquisition will provide a “solid presence” in Europe and strengthen its overall global strategy.
The deal was advised by a number of legal firms. Pérez-Llorca advised Naver Corporation, through its subsidiary NW Holdings Intermedia, while Uría Menéndez represented Wallapop. Hogan Lovells advised Korelya Capital, a major shareholder in Wallapop and a selling investor in the transaction. The transaction was valued at approximately €650 million according to advisors.
The Spanish regulator’s approval, granted on , was a crucial step in finalizing the acquisition. Naver had previously invested an additional KRW605 billion (approximately $410 million USD) to secure the deal.
This acquisition comes as Naver continues to diversify its business beyond its core search engine operations in South Korea. The company has been actively pursuing international expansion, seeking opportunities in social commerce and online marketplaces. The purchase of Wallapop aligns with this strategy, providing Naver with a well-established platform in a key European market.
Wallapop’s business model centers around facilitating peer-to-peer transactions for second-hand items, catering to a growing consumer demand for sustainable and affordable shopping options. The platform has gained significant traction in Spain and neighboring countries, becoming a popular destination for buying and selling used goods.
The acquisition is expected to have implications for the competitive landscape of the online classifieds and second-hand marketplaces in Southern Europe. Naver’s financial resources and technological capabilities could enable Wallapop to further innovate and expand its services, potentially challenging existing players in the market.
The deal also reflects a broader trend of South Korean companies investing in European technology assets. South Korea has been actively seeking opportunities to expand its global reach and gain access to new technologies and markets. This acquisition of Wallapop is the latest example of this trend.
While the specifics of Naver’s integration plans for Wallapop remain to be seen, the company has indicated its commitment to maintaining the platform’s existing operations and fostering its continued growth. The focus will likely be on leveraging Naver’s technological expertise to enhance the user experience and expand the platform’s reach.
The completion of this acquisition marks a significant milestone for both Naver and Wallapop, setting the stage for a new chapter of growth and innovation in the European online marketplace sector. The move underscores the increasing importance of social commerce and the growing demand for sustainable consumption patterns.
