Naver Financial has rescheduled its acquisition of Dunamu, the operator of Upbit, moving the completion date to December 31, 2023. This delay comes as a result of an ongoing review by South Korea's Fair Trade Commission (FTC).
Importance of the Development
This acquisition holds significant implications for the cryptocurrency market in South Korea, as Naver Financial aims to strengthen its position in digital assets through this deal. Delays in the acquisition process raise concerns about the future of both companies, considering the potential for further postponement or cancellation.
- New shareholder vote date: November 19, 2023
- Initial swap date pushed from September 30 to December 31
- Valuation for Dunamu at 439,252 won ($309) per share
- Valuation for Naver Financial at 172,780 won ($121) per share
The deal was initially announced on November 26, 2022, but faced its first delay on March 30, 2023. The FTC's thorough review under the Monopoly Regulation and Fair Trade Act has contributed to the setbacks.
What Lies Ahead
Three separate approvals are still needed for the deal to proceed. The FTC must clear the merger, change in Naver's largest shareholder must be approved under the Credit Information Act, and the filing regarding Dunamu's major shareholders needs acceptance.
The material is for informational purposes only and does not constitute financial advice.
