Kakao Corp. and Daum Communications Corp., the two leading South Korean IT firms set to merge later this year, said Wednesday they will name the new entity “Daum-Kakao.”

“We have finally decided on the new name, although other details concerning the merger, including reorganizations of business divisions, have not yet been determined,” an official from Kakao said.

The new name will be used starting at the end of this month after a shareholders’ meeting on Aug. 27. Another official from Kakao said the two companies considered giving the merged entity an entirely new name but decided to keep the original names. Daum and Kakao announced in May they will merge through a stock swap arrangement.

As Daum is listed on South Korea’s secondary KOSDAQ market, Kakao will get a back-door listing. The process is scheduled to be completed by October once the shareholders approve the plan. (Yonhap)