A consortium of HDC Hyundai Development Company and Mirae Asset Daewoo completed a deal on Friday to acquire South Korea's second-largest commercial carrier Asiana Airlines.

The consortium led by the mid-sized construction firm said it invested two-point-five trillion won to take over a 31-percent Asiana stake held by Kumho Industrial and new shares to be issued, as well as the airline's six affiliates.

The deal was approved earlier on Friday by the boards of both the consortium and Kumho Industrial, the construction unit of Kumho Asiana Group.

HDC Group Chairman Chung Mong-gyu said the group will immediately launch the takeover process to stabilize the operation of the airline with priority on safety.

Last month, the HDC-Mirae consortium beat two consortia led by airline-to-cosmetics conglomerate Aekyung Group and homegrown private equity fund Korea Corporate Governance Improvement(KCGI) in the auction for Asiana Airlines and its six affiliates.

In 2018, debt-ridden Asiana Airlines and its main creditor Korea Development Band(KDB) signed a deal that required Asiana to secure liquidity through sales of assets and other means.