SEOUL– South Korean defense and energy conglomerate Hanwha Group said Wednesday it has decided to purchase stakes in its affiliate held by Samsung affiliates for 1 trillion won (US$879 million), completing a mega-sized acquisition deal between the two groups clinched six years ago.

Two Hanwha units — Hanwha Energy Corp. and Hanwha Solutions Corp. — agreed to buy 24.1 percent in Hanwha General Chemical Co., from Samsung Corp. and Samsung SDI Co.

The acquisition will conclude the deal signed back in 2015, in which Hanwha purchased four affiliates from Samsung Group.

Under the 2015 deal, Samsung sold shares in then-defense affiliate Samsung Techwin Co. and then-chemical unit Samsung General Chemicals Co. to Hanwha.

Samsung’s move to sell affiliates to Hanwha came in line with the family-controlled conglomerate’s efforts to streamline its business portfolio and pave the way for the group’s heir, Lee Jae-yong.

Source: Yonhap News Agency