[Alpha Biz= Kim Jisun] Korea Ratings announced on the 27th that NAVER Corp.’s decision to merge its financial arm, NAVER Financial, with Dunamu is “positive in terms of strengthening the company’s business foundation and portfolio.”
On the previous day, NAVER, NAVER Financial, and Dunamu each held board meetings and approved a comprehensive stock swap under which NAVER Financial will issue new shares to acquire all outstanding shares of Dunamu. The swap ratio was set at 1:2.54, meaning one Dunamu share will be exchanged for 2.54 NAVER Financial shares.
With NAVER Financial valued at KRW 5 trillion and Dunamu at KRW 15 trillion, the merger will create a KRW 20 trillion “mega fintech” platform, drawing close attention across the financial and tech sectors.
Korea Ratings stated:
“If the merger is completed, NAVER’s top-tier capabilities in internet platforms, commerce, and fintech are expected to combine effectively with Dunamu’s virtual asset infrastructure, reinforcing the strengths of both companies and creating meaningful synergies.”
The agency also highlighted that the merger comes at a time when discussions around the adoption of stablecoins are accelerating, noting:
“The transaction is expected to strengthen NAVER’s business foundation and portfolio, particularly as the introduction of stablecoins becomes more imminent.”
Korea Ratings further assessed Dunamu as a company with strong profitability and ample liquidity, supported by robust virtual-asset trading volumes. The incorporation of Dunamu’s financial results into NAVER’s consolidated statements is projected to lift NAVER’s consolidated operating profit beyond KRW 3 trillion, improving overall financial stability.
However, Korea Ratings added that uncertainties remain, pointing to two key variables:
The scale of appraisal rights (share buyback claims) exercised by Dunamu’s major shareholders, including Kakao Investment, Woori Technology Investment, and Hanwha Investment & Securities;
The outcome of the Korea Fair Trade Commission (KFTC) and Financial Services Commission (FSC) reviews, as both companies are subject to merger notification requirements.
Alphabiz Reporter Kim Jisun(stockmk2020@alphabiz.co.kr)
