Wattpad Acquired by the South Korean Internet Company Naver
Wattpad has been acquired by the Naver, the South Korean Internet Conglomerate which is also home to the digital comics platform Webtoon.
The Board of Directors of Wattpad announced today that it unanimously approved a definitive agreement to be acquired by Naver. Naver is expected to acquire the storytelling platform in a cash and stock transaction valued at more than an estimated USD $600 million, subject to customary adjustments and other terms.
The acquisition will allow Wattpad to continue to accelerate its international growth and success. Wattpad will remain headquartered in Canada under the continued leadership of founders Allen Lau and Ivan Yuen.