Upbit parent company Dunamu to merge with payment operator Naver Financial

Techub News, according to South Korean media MK, Upbit's parent company Dunamu and payment operator Naver Financial plan to hold board meetings on November 26 to decide on the merger plan between the two companies. On November 27, the two parties will hold a joint press conference to elaborate on the merger vision. The transaction is expected to be conducted through a full share swap. Upon completion of the transaction, shares held by Dunamoo shareholders will be exchanged for new shares of Naver Financial, and Dunamoo will become a wholly-owned subsidiary of Naver Financial.

The market estimates that the currently unlisted Dunamu has a market value of approximately 15 trillion won, while Naver Financial's market value is approximately 5 trillion won. Based on this, the exchange ratio is likely to be 1 Dunamu share for 3 Naver Financial shares. According to this plan, Dunamoo's major shareholders will become the largest shareholders by holding approximately 30% of the merged company's shares. On the other hand, the shareholding ratio of Naver Financial's largest shareholder, Naver (NAVER), will be diluted from 69% to 17%.