Naver Financial to Acquire Dunamu in 15.1 Trillion Won Deal

Naver Financial, the fintech subsidiary of South Korean technology conglomerate Naver, has announced a stock swap deal to acquire Dunamu, the operator of leading cryptocurrency exchange Upbit, in a transaction valued at approximately 15.1 trillion won. The agreement, detailed in a regulatory filing on Wednesday, positions the merged entity for a potential initial public offering on the Nasdaq exchange, marking a significant push by South Korea's crypto sector into global capital markets.

Under the terms, Naver Financial will issue 87.56 million new shares to Dunamu shareholders, making Dunamu a wholly owned subsidiary. The exchange ratio of about 12.54 shares of Naver Financial per Dunamu share was determined through an external discounted cash flow valuation. Shareholders of both companies will vote on the deal at general meetings scheduled for May 22, 2026, with the stock exchange set to occur on June 30, 2026, pending regulatory approvals. These include a business combination review by the Fair Trade Commission and updates to major shareholder status under credit information protection laws. The filing indicated that delays or termination could arise if appraisal rights...