South Korean Naver acquires Wallapop

Madrid – Naver, a South Korean technology company often referred to as the "Google" of its home country, has acquired Wallapop, the popular Spanish second-hand platform. Founded in Barcelona in 2013, Wallapop is credited with popularizing consumer-to-consumer (C2C) resale in Spain, including for fashion items and accessories. This acquisition is part of Naver's ongoing diversification strategy, with the company aiming to use Wallapop as a foothold for its future expansion into Europe.

Naver, which already held a nearly 29.5 percent stake in Wallapop through its subsidiary, the C-Fund investment fund, has agreed to acquire the remaining 70.5 percent of the company's shares. This transaction will give Naver 100 percent control of Wallapop's issued shares. The acquisition was facilitated by Naver's drag-along rights and received support from nearly 90 percent of Wallapop's shareholders.

According to information Naver provided to the Korean Stock Exchange, the company paid roughly 377 million euros (604.5 billion South Korean won) in cash to acquire the remaining shares not already held by its subsidiary, the C-Fund investment fund. Naver plans to transfer these newly acquired shares to a new subsidiary upon the deal's expected closure in early October 2025, pending regulatory approvals.

The company stated that the acquisition of "the largest C2C second-hand marketplace in Spain" will provide a "strategic platform and a user base that can serve as a foothold for business expansion in Europe."

Opposition from venture capital firm 14W

Naver's acquisition of Wallapop, announced to the Korean Stock Exchange on Tuesday, August 5, 2025, follows a contentious shareholder meeting held by the Spanish resale platform on Friday, August 1. During the meeting, venture capital firm 14W, which holds approximately 18 percent of Wallapop's capital, voted against the deal. This opposition stemmed from a reported "unease" among shareholders over Naver's valuation of Wallapop at 563 million euros, a figure significantly lower than the 806 million euros valuation the company had secured in March 2024. The 2024 valuation had followed a 20 million euros investment from the Official Credit Institute (ICO).

In response to the reported acquisition of Wallapop by Naver, venture capital firm 14W, acting on behalf of itself and other minority shareholders, issued a warning to financial media outlets such as Cinco Días. The firm claimed that the necessary conditions and majorities required to approve the sale had not been met. It also disputed Naver’s right to use a "drag-along" clause to force the sale by dissenting minority shareholders. 14W threatened to legally challenge the agreements of the last shareholders' meeting in court if the sale proceeded, asserting that Naver’s offer was not even on the agenda.

Rob Cassedy, Wallapop's chief executive officer, distanced himself from the dispute in an interview with the financial publication Expansión. He stated that he has focused on facilitating the process initiated by Naver and assured that the shareholder agreements, which 14W claims were violated, were executed with "the utmost integrity." He supported this position by highlighting the "overwhelming support" Naver's proposal received, with nearly 90 percent of Wallapop's shareholders backing the deal.