South Korea's Naver acquires full ownership of Wallapop

The South Korean company, Naver, has acquired the entirety of the Catalan second-hand marketplace app, Wallapop. It previously owned a 29.5% share. The buyout values the company at €600 million, with Naver purchasing the remaining 70.5% for €377 million.

The agreement has the support of "most shareholders" and it is expected to be finalized in the upcoming months, once regulatory authorities approve the takeover bid.

Wallapop will continue to operate from its main Barcelona headquarters and will keep "its staff and brand," a statement from Naver reads.

The new owner is a South Korean Google-like platform that offers its own version of email, search, and maps in the East Asian country. The company was founded "with the mission of creating an open and diverse internet," the text reads.

Naver CEO Soo-yeon Choi said that the association with Wallapop "is a perfect example of the philosophy and proof of the company's belief in potential European startups."

The goal is to keep Wallapop's "unique identity," but strengthen its presence across Southern Europe with Naver's technological capacities, Choi added.

Wallapop CEO Rob Cassidy said the team is "proud of their trajectory and with Naver's trust in the company's potential."

Wallapop was founded in Barcelona in 2013 and has 19 million users.