[AlphaBiz = Ryu Jeong-min] The acquisition of Gopax by MegaZone, the largest shareholder of MegaZone Cloud, has effectively fallen through. The delay was primarily due to the increasing debt from Gopay and the additional acquisition costs brought on by the sharp rise in exchange rates.
According to a report by AlphaBiz last Friday, MegaZone initially planned to pay for the 58% stake in Gopax held by Binance entirely in US dollars, rather than in Korean Won. However, the exchange rate fluctuated wildly due to a state of emergency, and with the dollar surpassing 1,400 KRW, the cost for MegaZone to acquire Gopax increased significantly, adding further pressure on the company to abandon the acquisition.
A source familiar with the MegaZone-Gopax deal explained to AlphaBiz, "The Gopax acquisition by MegaZone is now impossible," adding, "The rising debt from Gopay, along with the fact that the acquisition price had to be paid in dollars instead of Korean Won, was a key reason for the cancellation of the deal."
Recently, the USD-KRW exchange rate surged due to political uncertainties and downward economic pressures, reaching levels reminiscent of the 2009 global financial crisis.
Previously, MegaZone had been requesting solutions from Binance and Gopax to address the unresolved debts related to Gopay. Gopay, identified as a major obstacle to the acquisition, is a decentralized finance (CeFi) service that offers interest on deposited virtual assets.
As Gopax’s unpaid debts to Gopay increase, the debt burden that MegaZone would have to assume also rises.
Alphabiz 류정민 기자(hera20214@alphabiz.co.kr)
