Hyundai Heavy Industries Group will take over Doosan Infracore, the domestic market leader in construction equipment.

A consortium led by Hyundai Heavy Industries Holdings and KDB Investment, a private equity firm of Korea Development Bank, announced Friday that it signed the main contract in a takeover deal with Doosan Heavy Industries & Construction.

Under the agreement, the consortium will purchase a 34-point-97 percent stake in Doosan Infracore for 850 billion won.

The consortium was picked as the preferred bidder last December.

The takeover will boost Hyundai Construction Equipment, a unit of Hyundai Heavy Industries Group, to number one in the domestic construction equipment market, and number seven globally.

Hyundai will complete related procedures by the third quarter, including filing acquisition requests with the Fair Trade Commission and regulators in other countries.

The group promised its best efforts to ensure employment stability for Doosan Infracore workers and staff and to maintain its current business partners.

Chairman of Hyundai Heavy Industries Holdings Kwon Oh-gap pledged to provide all-out support in future technology investments so the two firms can rise to the top of the global market.