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Photo courtesy of Yonhap News |
[Alpha Biz= Kim Jisun] Naver and Dunamu, operator of the cryptocurrency exchange Upbit, are preparing to officially announce their merger plan on November 27, according to industry sources on November 24.
The announcement is expected to follow board approvals from both Naver Financial and Dunamu on November 26. Naver founder and Chairman Lee Hae-jin and Dunamu Chairman Song Chi-hyung are anticipated to attend the joint briefing, along with senior executives including Naver CEO Choi Soo-yeon, Dunamu CEO Oh Kyung-seok, and Naver Financial CEO Park Sang-jin.
The format of the announcement—press conference or media roundtable—has not yet been finalized.
Industry observers expect a 1:3 stock-swap ratio, though the final terms will be confirmed after the board meetings.
If approved, both companies will proceed to a shareholder vote requiring a special resolution (two-thirds of votes from attending shareholders and at least one-third of total issued shares). Upon completion, the stock swap will make Dunamu a subsidiary of Naver Financial, with Chairman Song becoming the largest shareholder and Naver the second largest.
Meanwhile, South Korean portal Daum will begin the administrative process of separating from Kakao next month. Starting December 1, the legal service operator of Daum will shift from Kakao to its subsidiary AXZ, marking Daum’s first full legal and operational separation from Kakao in 11 years. The company plans to evolve into a comprehensive content platform with new short-form and AI-driven features as Kakao completes the transfer of operations within the year.
Alphabiz Reporter Kim Jisun(stockmk2020@alphabiz.co.kr)
