Naver agrees to acquire Upbit's parent company Dunamu for approximately $10.3 billion

According to a report by Bloomberg, South Korea's largest portal site Naver Corporation has agreed to acquire Dunamu Inc. — the operator of South Korea's largest cryptocurrency exchange Upbit — in an all-stock transaction valued at approximately $10.3 billion.

According to the transaction plan disclosed through regulatory filings on Wednesday, Naver's fintech subsidiary Naver Financial Corp. will complete the acquisition by issuing 2.54 new shares of Naver for each share of Dunamu held.