Naver Financial, Dunamu Push Share-Swap Closing to March 2027

Naver Financial and Dunamu have delayed completion of their comprehensive share swap to March 31, 2027, extending the timetable for a transaction that would place South Korea’s Upbit operator under Naver Financial.

The companies moved the closing date from Dec. 31, 2026. They also rescheduled the shareholder record date from Oct. 22, 2026, to Jan. 18, 2027, and the extraordinary shareholder meeting from Nov. 19, 2026, to Feb. 26, 2027.

The transaction would make Dunamu a wholly owned subsidiary of Naver Financial. Under the proposal, Dunamu investors would transfer their holdings and receive newly issued Naver Financial stock. The planned exchange ratio is 2.5422618.

The companies have postponed the timetable three times. The original closing target was June 30, 2026, followed by Sept. 30, Dec. 31 and now March 31, 2027.

Outstanding procedures include Korea Fair Trade Commission business-combination approval, approval related to a change in Naver Financial’s major-shareholder structure, a financial-business notification and acceptance of Dunamu’s major-shareholder change report. The transaction also remains subject to shareholder approval and other closing conditions.

The stated purpose is to bring Dunamu under Naver Financial and pursue growth opportunities based on digital assets. Naver Financial operates Naver Pay and other financial services, while Dunamu operates Upbit and a digital-asset platform.

The companies approved the combination through their boards in November 2025. The proposed deal would combine Naver’s payment and technology businesses with Dunamu’s digital-asset platform. Earlier coverage detailed Dunamu’s expansion plans beyond Upbit.

NAVER CEO Choi Soo-yeon said the companies would prioritize international growth after the transaction is completed. Naver Financial also plans to form an initial public offering committee within one year after the share swap closes, but no final listing decision, timetable or execution plan has been set.

The next scheduled steps are the Jan. 18 shareholder record date and the Feb. 26 extraordinary shareholder meeting.