M&A · Industrials · Retail-Catalog & Mail-Order Houses
NAVER Corporation to acquire Poshmark, Inc.
Announced Oct 3, 2022 · Closed Jan 5, 2023
Deal value$1.60BEV $1.02B
Premium15.0%To unaffected price
EV / Adj. EBITDA—3.0x EV / Revenue
ConsiderationAll cash$17.90 per share
Transaction
- Acquirer
- NAVER Corporation
- Target
- Poshmark, Inc.
- Buyer type
- Strategic
- Offer price per share
- $17.90
- Enterprise value
- $1.02B
- Status
- Closed Jan 5, 2023
Deal protections
- Break fee (target pays)
- $52.9M · 3.3%
- Reverse fee (buyer pays)
- —
- Go-shop
- No-shop
- Financing
- No financing condition
Advisors
- To the acquirer
- LionTree
- To the target
- Goldman Sachs
Sector context · Industrials
- Comparable deals
- 77 in the prior 24 months
- Premium
- 15.0% vs. 47.6% sector median
- EV / Adj. EBITDA
- Sector median 11.0x
- Break fee
- 3.3% vs. 2.8% sector median
Timeline
- AnnouncedOct 3, 2022
- Proxy filedNov 15, 2022
- Definitive proxyNov 25, 2022
- Shareholder voteDec 27, 2022
- ClosedJan 5, 2023
Valuation · fairness opinions
Other analysis$9.30$17.51
Other analysis$9.12$17.15
Other analysis$12.19$17.71
Premiums paid$19.30$23.47
Offer $17.90
Implied value per Poshmark, Inc. share by analysis, from Goldman Sachs · DCF discount rate 12.5%–15%.