Naver to pump 258.9 billion won into French affiliate

Naver, Korea’s dominant internet portal and search engine, said Thursday it will invest 258.9 billion won ($230.8 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 to help the Paris-based affiliate secure operating capital, a company spokesman said.

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 markets, the spokesman said.