The main Korean internet portal acquires the Catalan Wallapop for €377 million.

BarcelonaNaver, South Korea's leading online marketplace, has reached an agreement to acquire the Catalan object-buying platform Wallapop for €377 million. The transaction values the app at €600 million, a figure that would increase to €650 million after receiving this capital injection. As both companies explained in a statement, the agreement has the support of "the vast majority" of shareholders and is expected to be completed in the coming months, once the relevant regulatory approvals are obtained. Naver already controlled nearly 30% of Wallapop's capital after entering the market in 2021, and will now hold 100%.

The Korean multinational wants to use this acquisition to strengthen its position in Europe and expand its presence in the region's e-commerce sector. Wallapop also hopes this change of hands will help it accelerate its growth and improve in "key areas such as search, advertising, and payments." In fact, the company will continue to operate from its headquarters in Barcelona and under the direction of Rob Cassedy, CEO since 2018, when The app's co-founder, Agustín Gómez, handed over that role to him.In the statement, Naver also assures that both the Wallapop workforce and brand will be maintained. "This approach reflects Naver's philosophy of empowering leading local businesses, preserving their identity, their management team, and the community they have built," the Asian group adds.

Founded in Barcelona in 2013, Wallapop today has a community of 19 million users, who, according to the company, create more than 100 million ads per year. Throughout its history, the monetization model has always been a thorn in its side of its business, but in 2024 it achieved profitability in the Spanish market for the first time. That same year it also surpassed €100 million in revenue. Following the acquisition by Naver, the Catalan platform expects its turnover and profits to reach record levels in 2025. The company also has operations in Portugal and Italy.

Korea's largest listed company

This isn't Naver's first time entering the secondhand market. In 2023, it acquired Poshmark, a US company specializing in the user-to-user buying and selling of fashion, home decor, and electronics. In Europe, the South Korean giant has invested more than €500 million in 30 companies, including eight. unicorns (technology companies valued at over $1 billion). Naver was founded in 1999 as an internet search company, but has since diversified its business into commerce, content, financial technology, and business services. It reported revenue of €7.27 billion in 2024 and reached a market capitalization of €30.9 billion this June, making it the largest listed company in South Korea.