Naver to acquire Upbit operator Dunamu in $10.3B all-stock deal

Naver Financial plans to acquire Dunamu in a $10.3 billion stock-swap deal, issuing 87.56 million new shares and making the crypto giant a wholly owned subsidiary.

Naver Financial, the fintech arm of South Korean tech conglomerate Naver, has announced plans to acquire Upbit operator Dunamu in a stock-swap deal valued at roughly 15.1 trillion won ($10.3 billion).

According to a Wednesday filing, Naver Financial will issue 87.56 million new shares to Dunamu shareholders. The transaction will make Dunamu a wholly owned subsidiary of Naver Financial.

The exchange ratio was set using an external discounted cash-flow valuation, which put the corporate value ratio at 1:3.064569 and, after adjusting for each firm’s outstanding shares, produced a final exchange price ratio of 1:2.5422618.

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