South Korea’s Hyundai Development and investment bank Mirae Asset Financial Group announced plans to complete their planned $2.2 billion acquisition of the country’s second-largest carrier, Asiana Airlines. Late on December 27, the companies said they expect to complete the takeover by April 2020.

The joint bidders will pay 333.8 billion Won ($278 million) for the 31 percent stake in Asiana currently held by Kumho Industrial. They will also spend 2.21 trillion Won to purchase newly issued shares in the Asiana group, which also includes Air Busan, Air Seoul, Kumho Resort, and Asiana IDT. Hyundai is projected to end up controlling 61.5 percent of Asiana’s equity, with Mirae holding 15 percent.

Asiana Airlines was formed in 1988 and currently serves 76 international routes and 11 domestic routes. Its fleet of 85 aircraft is a mix of Airbus and Boeing airliners.

In November, Hyundai Motor Group announced that it aims to have an electric vertical takeoff and landing (eVTOL) aircraft ready to begin commercial air taxi services in 2029. The automotive part of the Hyundai Group is investing approximately $52 billion in electric vehicle and “disruptive mobility” technology. Hyundai intends to unveil a concept for the eVTOL aircraft at January's Consumer Electronics Show in Las Vegas.