Naver to Buy Top Korea Crypto Exchange in $10.3 Billion Deal (1)

Naver Corp. agreed to acquire Dunamu Inc., operator of South Korea’s biggest crypto exchange Upbit, in an all-stock deal valued at around $10.3 billion, as the internet giant seeks to cement its foothold in the country’s digital-assets market.

Under the deal unveiled in a regulatory filing Wednesday, Naver’s fintech arm, Naver Financial Corp., would issue 2.54 new shares for every 1 share in Dunamu. Naver shares rallied as much as 7.7% in after-market trading on Wednesday.

South Korea is one of the crypto market’s most active hubs for retail trading, with Upbit — which has often ranked among ...