Naver Financial and Dunamu postpone $9.9B share swap again

Naver Financial and Dunamu delayed their $9.9B share swap to December 31, 2026, citing regulatory hurdles and possible impacts from South Korea’s proposed Digital Asset Basic Act.

Naver Financial and Dunamu have postponed their planned all-stock share swap for a second time, now aiming for completion by December 31, 2026. The deal, valued at approximately 15.13 trillion won ($9.9 billion), involves Naver Financial issuing 87.56 million new shares at an exchange ratio of 2.5422618 Naver Financial shares for each Dunamu share. The delay, previously moved from June 30 to September 30, is due to pending regulatory approvals. These include clearance from the Korea Fair Trade Commission, changes in major shareholders under the Credit Information Act, and compliance with financial reporting rules. Both companies have warned that further delays or even cancellation are possible if approvals are not secured. South Korea’s proposed Digital Asset Basic Act, which may impose ownership caps on crypto exchange shareholders, is also cited as a potential factor affecting the deal’s structure or outcome. The companies plan to integrate Upbit’s crypto infrastructure into Naver’s financial network and explore digital asset and AI opportunities, but regulatory uncertainties remain a significant hurdle.