Hanwha Group has signed an agreement with Daewoo Shipbuilding and Marine Engineering(DSME) to take over the shipbuilder.

DSME said that it signed a contract with Hanwha on Friday to sell 49-point-three percent of its shares. 

In September, Hanwha signed a conditional investment agreement with Daewoo to acquire the stake in management rights by participating in the shipbuilder's paid-in capital increase of two trillion won. Hanwha then conducted due diligence on DSME for six weeks and was selected as the final bidder. 

After approval and licensing procedures by local and foreign authorities, which are likely to take about three months, Hanwha will purchase the shipbuilder's newly issued stocks worth two trillion won to acquire its 49-point-three percent stake.

Hanwha said that it plans to complete the acquisition process in the first half of next year.