Naver Financial has officially delayed its stock swap with Dunamu, pushing the closing date from June to the end of September 2026.
The primary reason for this delay is the extended regulatory review process. In mid-March, the Korea Fair Trade Commission (KFTC), which reviews mergers for anti-competitive concerns, issued a Request for Information (RFI). This is a standard procedure in complex cases, but it effectively pauses the official review timeline, a mechanism often called 'stop-the-clock'. With this development, meeting the original late-June deadline became impractical, prompting the companies to reset the calendar.
Furthermore, the deal's complexity adds another layer to the approval process. It's not just the KFTC's antitrust review; Naver Financial holds a 'MyData' license, which means any change in its major shareholder requires separate approval from the Financial Services Commission (FSC) under the Credit Information Act. This dual-track regulatory requirement means both agencies must give their green light before the deal can close, making the timeline inherently less predictable.
This cautious approach by regulators isn't happening in a vacuum. Earlier in the year, the KFTC took a more stringent stance on other large-scale mergers, signaling a thorough review environment, especially for deals in the digital and platform sectors. This broader context likely encouraged both Naver Financial and Dunamu to adopt a more conservative and realistic schedule.
Ultimately, this delay should be seen as a procedural adjustment rather than a sign of the deal being in jeopardy. The initial announcement in November 2025 explicitly stated that the timeline was contingent on government approvals. The merger of Naver Pay, a dominant payment service, and Upbit, the largest crypto exchange, was always expected to draw significant regulatory scrutiny over issues like market definition, dominance, and data consolidation. The new September deadline simply reflects the time needed to navigate this complex but anticipated process.
- KFTC (Korea Fair Trade Commission): South Korea's antitrust regulator responsible for reviewing mergers and acquisitions to prevent market monopolies.
- RFI (Request for Information): A formal request from a regulatory body for additional details from the companies involved in a transaction, often extending the review period.
- MyData: A government-licensed service in South Korea that allows individuals to consolidate their personal financial data from various institutions into a single platform for better management.