It's official. Electric carmaker Edison Motors has acquired the embattled SsangYong Motor Company at a cost of over 304 billion won. 

SsangYong said Monday that it signed a formal contract for a merger with a consortium led by Edison Motors.

This comes some 80 days after Edison was granted preferred status on October 20 in negotiations to acquire the financially troubled carmaker placed under court receivership. 

Earlier in the day, the Seoul Bankruptcy Court approved the takeover. 

Edison said it aims to transform SsangYong into an electric vehicle-centered carmaker in the next decade.