The Korea Herald reported that the country's Fair Trade Commission has given the go ahead to the US$735m acquisition which HHIH first announced in February this year.
A consortium consisting of Hyundai Heavy Industries (HHI) Holdings and KDB Investment (KDBI) announced on February 5 that it had signed a definitive agreement for the takeover with Doosan Infracore's parent company Doosan Doosan Heavy Industries & Construction.
HHIH said that the deal will leave it "poised to conquer the global market as Korea’s leading construction equipment manufacturer".
Under the definitive agreement announced in February, the consortium will take over a 34.97% stake in Doosan Infracore from Doosan Heavy Industries & Construction.
The consortium says its goal is to elevate the two companies' positions from the current second-tier league to the top-tier league in the global construction market by heavily investing in future technologies, such as electric excavators and unmanned/automated technologies.
In addition to the Korea Fair Trade Commission, HHIH says it is asking the authorities of other major countries - including China - to approve the acquisition and plans to wrap up the process within the third quarter of 2021.
HHIH says the acquisition will bring another leading construction equipment maker under its umbrella in addition to Hyundai Construction Equipment (HCE). It adds that it aims to position itself as Korea's top player in the construction equipment industry, with a group-level business portfolio focused on the critical infrastructure sectors, including construction equipment, shipbuilding and refinery.