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Naver to buy Poshmark for $1.2B

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South Korea's Naver agreed to acquire U.S. e-commerce site Poshmark in a $1.2 billion deal.

Naver, which operates a search engine, e-commerce platform and other services in South Korea, is deepening its reach in online retail with the deal.

Poshmark will be able to enter international markets through the acquisition.

Read more from CNBC.

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