Naver Financial has pushed back the closing of its all-stock merger with Dunamu for a second time, setting a new deadline of Dec. 31 as key regulatory approvals remain unresolved.
The companies’ regulatory filings show the comprehensive share swap — unchanged at an exchange ratio of 2.5422618 Naver Financial shares for every one Dunamu share — was first postponed from June 30 to Sept. 30 and is now slated to close by year-end. Dunamu’s filing cautions that the timetable could slip further or the transaction could even be scuttled if outstanding approvals aren’t secured.
What’s still outstanding
- Clearance from South Korea’s Fair Trade Commission
- Approval for changes to major shareholders under the Credit Information Act
- Notifications required under the Act on Reporting and Use of Specific Financial Transaction Information
Regulatory headwinds and legislative uncertainty
The delay follows intensified oversight of the deal. In April, the Financial Supervisory Service ordered Dunamu to correct disclosure omissions after finding incomplete or inaccurate information about its future corporate restructuring — a move that adds friction to the process. At the same time, lawmakers are still debating the Digital Asset Basic Act; draft provisions that would restrict major shareholders of virtual-asset exchanges could directly affect Naver Financial’s plan to take full control of Dunamu depending on the law’s final form. Dunamu has said it intends to push ahead despite the legislative uncertainty.
Deal context and strategic plans
Announced in late 2024 and valuing Dunamu at roughly $10 billion, the all-stock transaction would bring Upbit — South Korea’s largest crypto exchange operator — under the Naver Financial umbrella. The two firms have flagged plans to collaborate on digital-asset services, including the Silk Pocket stablecoin wallet (in partnership with blockchain investor Hashed) and initiatives tied to the Busan Digital Exchange.
What to watch next
Market participants will be watching for sign-offs from the Fair Trade Commission and other agencies, any further disclosure actions from regulators, and developments around the Digital Asset Basic Act — all of which will determine whether this pivotal industry consolidation goes through as planned.
Read more AI-generated news on: undefined/news
