[Weekly M&A] NAVER and Dunamu Initiate 'Financial Big Deal'... Homeplus Faces Difficulties 'Finding a New Owner'

In the last week of November 2025, the M&A market showed a 'polar opposite' pattern. While the creation of a mega-alliance through an equity swap between NAVER and Dunamu has materialized in the fintech and virtual asset sectors, Homeplus, considered a 'big catch' in the retail industry, received a shocking report card of a failed main bidding. The private equity fund (PEF) industry secured practical gains by accelerating its 'bolt-on (acquisition of related companies)' strategy, centering on prime properties such as waste management and biotech.

■ NAVER Financial and Dunamu Merger... Heralding the Birth of a '20 Trillion Won Mega Fintech' What captured the market's attention this week is the news of the combination of NAVER and Dunamu. According to the IB (investment banking) industry, it has been confirmed that NAVER's financial subsidiary NAVER Financial and Dunamu, the operator of Korea's No. 1 virtual asset exchange Upbit, are taking steps to merge. A comprehensive stock exchange that incorporates NAVER Financial as a 100% subsidiary of Dunamu is highly likely.
This signifies the emergence of a 'super app' encompassing the 80 trillion won simple payment market and the virtual asset market. The industry analyzes this big deal as a strategic move with a future Nasdaq listing in mind. However, immediately after this news broke, the volatility of some related stocks holding Dunamu shares expanded, showing a mix of market expectations and concerns.

■ Homeplus, '0' Acquisition Candidates... Growing Sense of Liquidation Crisis On the other hand, the mood in the retail industry has cooled down. The open competitive bidding conducted by Homeplus, which is undergoing corporate rehabilitation procedures, ended without any participants. It was identified that even previously mentioned potential buyers such as Harex InfoTech and Snomad did not submit final proposals.
Industry insiders believe that the declining competitiveness of the offline retail industry and massive debt burdens held them back. In some quarters, particularly in political circles, rumors of an 'acquisition by Nonghyup' were raised, but the general consensus is that the feasibility is low. As Homeplus finds itself in a position where it must immediately worry about paying suppliers for December deliveries, concerns over restructuring or liquidation are deepening.

■ PEF Sweeps 'Prime Properties' Such as Waste and Biotech While the fortunes of large deals were mixed, active movements of PEFs were captured in the mid-to-small market.

• EQT Partners: Is pursuing the acquisition of the waste collection and treatment company Samsung Recycling. Following the acquisition of KJ Environment last year, this additional purchase is part of a bolt-on strategy to strengthen its waste value chain.

• BNW Investment & Elio PE: Completed the acquisition of Poonglim Pharmatech, Korea's No. 1 pre-filled syringe (PFS) company. This is interpreted as betting on the growth potential of bio materials, parts, and equipment companies.

• Hahn & Company: Won the lawsuit filed against former Namyang Dairy Products Chairman Hong Won-sik, securing a ruling for 66 billion won in damages. Meanwhile, it is known to be in contact with potential buyers for the sale of its holding, K Car Capital.

■ Companies Compete to Secure New Growth Engines... Hyundai Glovis and KR Motors Participation in acquisition battles by strategic investors (SI) for business diversification was also active. Hyundai Glovis is materializing its entry into the used car market by pursuing the acquisition of Autoplus, the operator of the used car platform 'Reborn Car'. KR Motors invested 17 billion won to acquire the management rights of Dynamac, setting out to expand its business portfolio. In addition, the medical device company CU Medical acquired Bistos, and NAVER acquired the cloud EMR (Electronic Medical Record) company Senacle, each focusing on securing technological competitiveness.

■ Increase in Restructuring Properties... Intensification of 'Sorting the Wheat from the Chaff' Due to the prolonged economic downturn, the emergence of marginal companies for sale also continues. The first-generation K-beauty company Charmzone, famous for its 'Green Frog Cosmetics', filed for corporate rehabilitation, while KC Green Holdings, which is currently in workout, put its subsidiaries KC Glass and KC Glass Resource up for sale. The management rights of hydrogen-specialized companies SPG Hydrogen and SPG Industry also came onto the market.

This week's M&A market showed a distinct 'polarization' phenomenon where funds flock to tech, biotech, and environmental sectors with clear future growth engines, while traditional domestic and retail industries are neglected. In particular, due to the aftermath of high interest rates and sluggish economic conditions, restructuring-type properties are increasing, forecasting that the market will continue to be a buyer's market where buyers seek to select prime assets and acquire them at cheap prices.