South Korea's Naver Financial and Upbit parent company Dunamu announced on Monday that their stock swap transaction has been pushed back to Dec. 31, amid the changing local regulatory landscape.
This is the second time the deal was delayed. In March, the two announced that they were pushing back the transaction date from June 30 to Sept. 30. The delay was stipulated in a filing on Dart, South Korea's official electronic disclosure system for corporations.
The transaction was first announced last year as Naver Financial, the financial services subsidiary of local IT giant Naver, officially confirmed its merger deal with Dunamu. The exchange ratio is 2.5422618 shares of Naver Financial for every one share of Dunamu.
To facilitate this transaction, Naver Financial said it plans to issue 87.56 million new shares, worth approximately 15.13 trillion won ($9.9 billion). A share of Naver Financial was priced at 172,780 won ($113.40).
Through the transaction, the two companies aim to secure future growth momentum driven by digital assets, with industry watchers expecting Naver to integrate Upbit's crypto infrastructure into its massive domestic financial services network.
