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Spanish Competition Authority Clears Naver’s Takeover of Wallapop

By  |  January 19, 2026

Spain’s National Markets and Competition Commission (CNMC) has given the green light to South Korean internet group Naver’s acquisition of online marketplace Wallapop, according to a statement released by the regulator.

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    Naver submitted its notification to the CNMC on Jan. 5, and the transaction received approval just nine days later, per a statement outlining the decision. The swift review was aided by Naver’s limited footprint in Spain, as the company holds no major assets in the country beyond its existing minority stake in Wallapop.

    Details of the proposed takeover first emerged in August last year. Naver, which has been a Wallapop shareholder since 2021, announced plans to invest an additional KRW605 billion, or about $410 million, to acquire the remaining 70.5% of the company it does not already own, according to a statement at the time.

    The deal values Barcelona-based Wallapop at €617 million, a figure that represents a significant drop from its previous valuation. In its most recent funding round in March 2024, Wallapop was valued at €806 million. Per a statement familiar with the transaction, the post-money valuation, including the new capital injection, is expected to be close to €650 million.

    However, the agreed purchase price has sparked opposition from some minority shareholders. Private equity firm 14W and other investors, together representing roughly 20% of Wallapop’s share capital, have challenged the transaction, arguing that the board approved the sale at a discounted valuation that favors Naver as an existing shareholder.

    The outcome of this dispute is still unclear. When asked on Jan. 9 whether the submission of the transaction to the CNMC indicated that the legal challenge linked to the shareholder vote had been settled, a Wallapop spokesperson declined to provide clarity, saying, “The transaction continues to progress as planned and remains subject to the customary regulatory approvals. We have no additional updates to share at the moment.”

    Despite the unresolved concerns, the CNMC’s authorization removes a key regulatory hurdle for Naver as it moves forward with plans to take full control of one of Spain’s best-known secondhand marketplaces, according to a statement related to the approval process.

    Source: AIM Group