Dunamu, which operates the domestic virtual asset exchange Upbit, and Naver Financial, the No. 1 simple payment operator, will merge.
According to the financial industry on the 24th, Dunamu and Naver Financial will each hold a board meeting on the 26th to approve the merger plan. On the following day, the 27th, they will hold a joint press conference on the merger at Naver's second headquarters, "Naver 1784."
The press conference will be attended by Song Chi-hyung, Dunamu chairman, and Lee Hae-jin, Naver chairman. Key executives from both companies are also expected, including Vice Chairman Kim Hyung-nyeon of Dunamu, CEO Choi Soo-yeon of Naver, CEO Oh Kyoung-suk of Dunamu, and CEO Park Sang-jin of Naver Financial.
The deal between the two companies is expected to proceed via a comprehensive stock exchange. In this structure, shares held by Dunamu shareholders will be exchanged for new shares of Naver Financial, and once the process is completed, Dunamu will become a 100% subsidiary of Naver Financial.
The key issue is the merger ratio. The market currently estimates the corporate value of privately held Dunamu at about 15 trillion won and Naver Financial at around 5 trillion won. In the market, the leading view on the merger ratio is three shares of Naver Financial for one share of Dunamu.