Hogan Lovells advises Korelya Capital on the acquisition of Wallapop by NAVER

Founded in 2013 in Barcelona, Wallapop specializes in the sale and purchase of second-hand products. With over 19 million monthly active users, Wallapop is the leading C2C platform in Spain. 

The transaction values the company at €600 million, with the post-money valuation reaching approximately €650 million. NAVER has been an indirect financial investor in Wallapop since February 2021, when C-Fund, a professional private equity investment fund founded in France and independently managed by Korelya Capital SAS, invested €113.6 million within the framework of an equity round. This financial commitment was further reinforced in January 2023 with an additional €75 million investment of C-Fund.

The acquisition will allow the South Korean company to reinforce and expand its presence in the European C2C market, while also allowing Wallapop to drive its expansion in Southern Europe.

The Hogan Lovells team in Paris comprises Xavier Doumen (partner), Bob Zeller (senior associate) and Elif Gocmen (associate) in Corporate. In Madrid, the team is composed of Graciela Llaneza (partner), Enrique de Pablos (counsel), Maria Gutierrez (senior associate) in corporate, Casto Gonzalez Paramo (partner) and Raquel Fernandez (senior associate) in Antitrust and FDI.