Naver to acquire Upbit in deal that rocks South Korean crypto industry – DL News
- Naver plans a stock swap to acquire Dunamu.
- Dunamu is the company behind Upbit.
- Upbit is South Korea’s largest crypto exchange.
South Korean internet titan Naver, with 40 million monthly active users, is poised to snap up Dunamu, the operator of crypto exchange platform Upbit, in a move that could redraw the map of the country’s financial landscape.
Local news reports on Thursday say Naver will incorporate Dunamu into its business group as a fully owned subsidiary through a comprehensive stock swap.
Naver Financial, the company’s fintech arm, will execute the stock swap by issuing shares to acquire Dunamu in full.
The stock-only structure means Naver won’t have to front the cash upfront to do the deal.
Naver’s stock price is up 11%…
