Naver Financial to Acquire Dunamu in $10.3B Stock Swap Deal

SEOUL, South Korea – Naver Corp said Thursday that its financial services unit, Naver Financial, will acquire Dunamu Inc., the operator of the cryptocurrency exchange Upbit, through a comprehensive stock swap valued at KRW 15.1 trillion (US$10.3 billion).

The boards of Naver, Naver Financial, and Dunamu ratified the agreement on Wednesday. Upon completion, Dunamu will become a wholly-owned subsidiary of Naver Financial.

Naver Financial was valued at KRW 4.9 trillion (US$3.3 billion), establishing an enterprise value ratio of 1 to 3.06 between the two entities.

The exchange ratio is set at 1 Dunamu share for 2.54 Naver Financial shares, based on per-share valuations of KRW 439,252 (US$300) for Dunamu and KRW 172,780 (US$118) for Naver Financial.

Following completion, Naver Financial will convert to a general business holding company.

Naver Corp will retain a controlling 46.5% voting interest, comprising its direct 17% stake and voting rights delegated by Dunamu Chairman Song Chi-hyung (19.5%) and Vice Chairman Kim Hyung-nyun (10.0%).

The three companies said they will invest KRW 10 trillion (US$6.8 billion) over five years in artificial intelligence, Web3, and blockchain development.

Naver Chief Executive Soo-yeon Choi, speaking at a press conference, said the convergence of blockchain mass adoption and advances in artificial intelligence presents a significant opportunity.

Choi added that Naver and Dunamu would seek to collaborate on global innovation.

Dunamu Chairman Song stated that the combined company intends to develop financial infrastructure incorporating artificial intelligence and blockchain, aiming to create a platform that includes payments, financial services, and lifestyle offerings.

Naver Chairman Lee Hae-jin said the company’s artificial intelligence capabilities would need to be integrated with Web3 technologies to remain competitive in future markets.

The transaction combines Naver Financial's payment platform, which serves 34 million users and processes KRW 80 trillion (US$54.8 billion) in annual transactions, with Dunamu's digital asset exchange operations.

(US$1 = KRW 1,460)