Naver Monetary, the fintech arm of South Korean tech conglomerate Naver, has introduced plans to accumulate Upbit operator Dunamu in a stock-swap deal valued at roughly 15.1 trillion received ($10.3 billion).
In keeping with a Wednesday submitting, Naver Monetary will problem 87.56 million new shares to Dunamu shareholders. The transaction will make Dunamu an entirely owned subsidiary of Naver Monetary.
The alternate ratio was set utilizing an exterior discounted cash-flow valuation, which put the company worth ratio at 1:3.064569 and, after adjusting for every agency’s excellent shares, produced a remaining alternate value ratio of 1:2.5422618.
Dunamu’s crypto alternate Upbit dominates South Korea’s crypto market. Dunamu reported $10.4 billion in whole belongings and $4 billion in fairness for the newest fiscal yr.
Associated: South Korea stablecoin framework stalls as regulators break up over banks’ position
Shareholders to vote on the deal in Might 2026
Shareholders of each corporations will vote on the swap at their common conferences on Might 22, 2026, with the inventory alternate date set for June 30, 2026.
Shareholders opposing the choice might train appraisal rights at $117 per Naver Monetary share, with requests accepted from Might 22 to June 11, 2026. The deal could also be terminated if appraisal calls for exceed $814 million at both firm, except each events conform to revise the edge.
The deal additionally requires a number of regulatory approvals, together with a enterprise mixture evaluate by the Truthful Commerce Fee and adjustments in main shareholder standing underneath the Act on the Use and Safety of Credit score Info. The submitting famous that delays or cancellations stay potential relying on the progress of those approvals.
Associated: South Korea’s Upbit mother or father plans US IPO after Naver merger: Report
Naver to pursue stablecoin challenge subsequent
Naver Monetary’s plan to accumulate Dunamu was first revealed in September. On the time, it was reported that Naver Monetary would launch a Korean won-backed stablecoin challenge, together with different digital finance initiatives, following the acquisition.
The transfer comes amid an enhancing regulatory atmosphere for crypto in South Korea. In June, eight main South Korean banks introduced plans to launch won-pegged stablecoins by late 2025 or early 2026. The shift follows the election of President Lee Jae-myung, whose administration has adopted a extra supportive stance towards digital belongings.
Journal: 2026 is the yr of pragmatic privateness in crypto — Canton, Zcash and extra
