South Korea

Yonhap | English | News | Nov. 21, 2025 | UndeterminedMergers & Acquisitions

Naver Corp. is expected to confirm its plan to acquire Dunamu Inc., the operator of South Korea's largest cryptocurrency exchange, Upbit, at a board meeting scheduled for next week. Dunamu is also set to hold a board meeting on November 26 to finalize the acquisition details. Naver aims to complete the deal through a comprehensive stock swap via its fintech subsidiary, Naver Financial, making Dunamu a wholly owned subsidiary.

The acquisition is part of Naver's strategy to expand its digital finance business. The two companies plan to launch a won-backed stablecoin project and other digital finance initiatives that could significantly impact South Korea's digital finance market once integrated. After board approvals, the acquisition must pass a shareholders' meeting before formal integration begins.

Post-acquisition, Dunamu Chairman Song Chi-hyung is expected to become the largest shareholder in Naver Financial, with Naver as the second-largest shareholder. Industry insiders estimate the share swap ratio between Naver and Dunamu to be approximately 1 to 3 or 1 to 4. Naver operates South Korea’s leading internet portal, while Upbit ranks as the country’s top and the world’s fourth-largest crypto exchange by trading volume.

SK지오센트릭, 에탄 본격 도입…NCC 경쟁력 강화

ZD Net Korea | Local Language | News | Nov. 21, 2025 | UndeterminedTech Development/Adoption

SK Geocentric is shifting away from a naphtha-centered feedstock structure by fully introducing ethane to enhance the competitiveness of its naphtha cracking plant (NCC). The company signed a strategic memorandum of understanding (MOU) with SK Gas to secure a stable ethane supply chain, improve feedstock economics, and advance the petrochemical industry's structure. The two firms plan to finalize the timing and volumes of ethane supply based on this agreement.

SK Geocentric aims to diversify its feedstock structure and improve process efficiency through ethane introduction, while SK Gas will manage procurement, transportation, price negotiations, and infrastructure development for stable ethane supply, especially in the North American region. Together, they plan an integrated supply chain system from import to consumption, ensuring price competitiveness and supply stability for feedstock.

Ethane offers lower price volatility and higher ethylene production efficiency compared to naphtha and is widely used by major petrochemical companies globally, driven by the expansion of North American shale gas production. Despite maritime transportation and terminal costs, ethane remains cost-competitive due to stable shale gas-based supply. SK Gas is developing ethane storage and handling terminals based on its LPG/LNG infrastructure to supply feedstock reliably to Ulsan petrochemical complex companies, including SK Geocentric.

SK Geocentric’s president Choi An-seop highlighted that the ethane collaboration with SK Gas will enhance NCC competitiveness and stabilize operations amid structural downturns in the petrochemical industry. SK Gas president Yoon Byung-seok emphasized ethane’s potential beyond feedstock, including as a next-generation energy source for hydrogen production and power generation, aiming to accelerate feedstock diversification and industry structural improvements in Korea.

"같은 LTE 주파수, 다른 가격"...재할당 앞두고 통신사들 신경전

ZD Net Korea | Local Language | News | Nov. 21, 2025 | Regulation

The South Korean government is preparing to finalize its policy on frequency reassignments for LTE bands in the 2.6 GHz spectrum, whose usage periods expire next year. This has triggered a dispute between mobile carriers SK Telecom and LG Uplus over the calculation of reassignment fees. SK Telecom highlights a significant cost disparity between the two carriers despite using the same frequency band, citing its higher auction price and absence of discounts compared to LG Uplus, which received a 27.5% discount in a recent reassignment.

SK Telecom uses a 60 MHz block acquired in 2016 for approximately 1.2777 trillion won, while LG Uplus holds a 40 MHz block from a 2013 auction costing 478.8 billion won. As a result, the annual cost per MHz is about 2.13 billion won for SK Telecom, nearly double LG Uplus’s 1.08 billion won. SK Telecom argues that these economic differences must be reflected in reassignment fees to reflect current value properly.

LG Uplus counters that differences in bandwidth, acquisition timing, and legal regulations mean the frequencies should not be valued identically. It warns that changing pricing standards retroactively could destabilize the auction system's integrity. Both companies anticipate a clear and transparent reassignment fee formula, moving away from government discretion.

The Ministry of Science and ICT plans to hold a public hearing next week to gather stakeholder opinions before finalizing the policy later this year. The ongoing debate over frequency valuation is also seen as a precursor to discussions on upcoming 5G frequency reassignments and additional allocations. The government remains committed to making a principled decision based on diverse input.