South Korean IT giant Naver's subsidiary Naver Financial has officially confirmed its merger with Dunamu.Korean IT giant Naver's fintech subsidiary Naver Financial has officially confirmed its merger with Dunamu, the operator of South Korea's largest crypto assets exchange. According to the DART electronic disclosure system of the Financial Supervisory Service (FSS), Naver Financial disclosed on Wednesday that it will integrate Dunamu as a wholly-owned subsidiary to "ensure future growth momentum based on digital assets."According to previous reports, this merger will be conducted through a stock swap. The disclosed information shows that the exchange ratio is 1 share of Dunamu stock for 2.5422618 shares of Naver Financial stock. The effective date for the stock exchange is June 30, 2026.To complete this transaction, Naver Financial plans to issue 87.56 million new shares, with a total value of approximately 15.13 trillion won (about 10.28 billion dollars). The issue price of Naver Financial is 172,780 won per share (approximately 117.47 dollars).Naver Financial and Dunamu plan to expand their functions and strategic cooperation through a merger, but a specific plan for the corporate structural adjustment to accommodate Dunamu as a new subsidiary has not yet been formulated. Earlier this week, South Korean media reported that the leading local exchange would seek to conduct an initial public offering (IPO) on NASDAQ after the merger is completed, but the company has not confirmed this news.Naver was founded in 1999, establishing its internet and fintech empire with one of the earliest and most widely used search engines in South Korea. Naver's third-quarter revenue was 3.14 trillion won (approximately 2.32 billion dollars), and its operating profit was 570.6 billion won (approximately 422.67 million dollars).Dunamu announced a quarter-on-quarter rise in revenue of 35% for the third quarter, reaching 385.9 billion KRW (262.87 million USD), with a net profit growth of 145% during the same period, reaching 239 billion KRW (162.8 million USD). (The Block)