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

South Korea's largest portal site Naver has agreed to acquire Dunamu, the operator of the country'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.