[THE INVESTOR] Naver, Korea’s dominant internet portal and search engine, said on Aug. 23 it will invest 258.9 billion won (US$230.80 million) in its wholly owned affiliate in France to strengthen its presence in Europe.
Naver will acquire 2 million new shares issued by Naver France SAS in cash to help the Paris-based affiliate secure operating capital, a company spokesman said over the phone.
The company didn’t give a time frame for the investment.
Naver set up the affiliate in France in June 2017 in a bid to make an investment in local internet startups and proceed with research and development activities to make a foray into European internet business markets, the spokesman said.
By Song Seung-hyun and newswires (ssh@heraldcorp.com)