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The Korea Herald
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THE INVESTOR
March 29, 2024

Mobile & Internet

Naver to invest W259b in French affiliate

  • PUBLISHED :August 23, 2018 - 15:36
  • UPDATED :August 23, 2018 - 15:37
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[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)

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