Nvidia completed a US$1 billion payment to Naver on 6 November and acquired a 4.13 percent stake through a third-party rights offering, Yonhap reported. Naver, a South Korean internet company, issued more than 6.5 million shares in the private placement and received 1.3 trillion won in proceeds, according to a regulatory filing described by the news agency.
The payment completes a transaction that Naver had scheduled for 6 November. Nvidia chief executive Jensen Huang and Naver founder and chairman Lee Hae-jin attended a strategic agreement ceremony at Nvidia’s California office on 24 July, Yonhap reported.
The stake acquisition is expected to accelerate an AI factory venture the companies announced in June. Naver has also signed a $9 billion Brookfield deal for the factory, while KB Kookmin Bank is set to lead a 10.7 trillion won loan for Naver’s AI project.
Naver plans to start building GPU-based infrastructure at its Gak Sejong data centre and expand its GPU-as-a-service business, Yonhap reported.
