South Korea's Naver completes acquisition of Wallapop

South Korean multinational Naver received all regulatory approvals on Friday and completed the acquisition of Wallapop.

The company said it had fulfilled "all conditions" for the transaction of the online marketplace, valued at €600 million.

Naver, South Korea's leading search engine, said the acquisition will give it a "solid presence" in Europe and strengthen the company’s growth.

Wallapop, founded and headquartered in Barcelona, will keep its headquarters in the Catalan capital.

Its current CEO, Rob Cassedy, and existing staff will continue to operate the company.

Naver said their expertise will bring "experience and cutting-edge technology," particularly in AI, advertising, search, and payments.

The South Korean giant already owned 29.5% of Wallapop’s share capital.