Dunamu, operator of the Upbit exchange, and Naver Financial have postponed the closing of their stock-swap deal to March 31, 2027. The companies announced the delay on October 7, 2026, marking the third postponement since the transaction was first announced in November 2025. The previous target date was December 31, 2026.
Under the deal structure, Dunamu would become a wholly owned subsidiary of Naver Financial. The exchange ratio remains fixed at 2.5422618 Naver Financial shares for every Dunamu share. Naver Financial plans to issue approximately 87.56 million new shares valued at around 15.13 trillion won.
Updated Timeline
Key dates for shareholders have been rescheduled:
- Record date: January 18, 2027
- Extraordinary shareholder meetings: February 26, 2027
- Appraisal rights window: February 26 to March 18, 2027
Appraisal rights allow shareholders who oppose the deal to demand that their company repurchase their shares instead of accepting the stock swap.
Reasons for Delay
The companies attributed the postponement to ongoing regulatory reviews and transaction complexity. The Korea Fair Trade Commission, the country's competition watchdog, has extended its review period. Additionally, South Korea's Digital Asset Framework Act introduced legislative changes that have affected the deal timeline and contributed to the repeated delays.
Strategic Objectives
For Naver, the acquisition provides direct ownership of South Korea's leading crypto exchange operator and expands its digital finance business. For Dunamu, the deal means operating within a larger corporate structure.
Naver Financial has committed to establishing an IPO committee within one year after the deal closes, though no timeline for a public listing has been specified.
What to Monitor
The fixed exchange ratio provides certainty on deal terms but prevents either party from renegotiating if circumstances change during the extended waiting period. The outcome of the Korea Fair Trade Commission review and further developments regarding the Digital Asset Framework Act remain critical factors that could affect whether the March 31, 2027 date holds or leads to another delay.
