The boards of both companies are set to convene on Wednesday to approve the merger, with a joint press conference scheduled for Thursday at Naver's headquarters in Seongnam, south of Seoul. The combined entity would become Korea's largest fintech company.
Naver founder Lee Hae-jin and Dunamu Chairman Song Chi-hyung are expected to attend the announcement, with other executives from both firms, including Naver CEO Choi Soo-yeon and Dunamu Vice President Kim Hyung-nyun, will also be present.
The transaction will be structured as a comprehensive stock swap, with Dunamu shareholders exchanging their stakes for newly issued Naver Financial shares. Upon completion, Dunamu will become a wholly-owned subsidiary of Naver Financial.
Market observers estimate a swap ratio of one Dunamu share for three Naver Financial shares, based on Dunamu's valuation of about 15 trillion won and Naver Financial's valuation of about 5 trillion won.
The merger faces regulatory scrutiny from South Korea's Fair Trade Commission, which will examine whether the combination of the nation's leading payment platform and dominant crypto exchange could stifle market competition. Financial regulators are also expected to assess potential systemic risks from integrating volatile cryptocurrency operations with mainstream payment infrastructure.
Both companies are expected to frame the consolidation as a strategic imperative rather than a bid for market dominance, arguing that Korean platforms must scale up and integrate blockchain technology to compete against global technology giants expanding into financial services.
The merged company aims to build a "Web3" financial ecosystem combining Naver's extensive platform reach with Dunamu's blockchain expertise, positioning itself as a formidable challenger in Asia's rapidly evolving digital finance landscape.
reporter
Kim Dong-young
davekim0807@ajupress.com
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