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Photo courtesy of Yonhap News |
[Alpha Biz= Kim Jisun] Naver announced on the 16th that it will acquire an additional 562,707,374 shares of its Spanish investment subsidiary, NW Holdings, for approximately KRW 972.8 billion.
After the acquisition, Naver’s ownership in NW Holdings will reach 100%. The stock acquisition is scheduled for March 30 next year.
Naver explained that the transaction is part of a loan-to-equity conversion aimed at securing funds for its acquisition of Spanish online marketplace Wallapop. Under the plan, Naver will first lend KRW 972.8 billion to the Spanish subsidiary and subsequently convert the loan into equity.
Alphabiz Reporter Kim Jisun(stockmk2020@alphabiz.co.kr)
