South Korea’s Top Crypto Exchange to Be Absorbed By Tech Giant in $10.3 Billion Deal
South Korea’s largest crypto exchange is officially getting acquired—pending regulator approval—by one of the country’s top tech giants.
Naver Financial agreed Wednesday to absorb Dunamu, operator of crypto exchange Upbit, in an all-stock deal valued at $10.29 billion. According to a related filing, the deal will see Naver issue 2.54 new shares for every share in Dunamu, as the company is absorbed.
That deal would see Dunamu’s leadership become the largest shareholders in parent company Naver Financial, despite the crypto company being absorbed as a wholly owned subsidiary.
Both companies will continue to operate their existing businesses under the merger, according to Wednesday’s filing.
“In addition, they…
