South Korean conglomerate Dongbu Group on Friday completed its acquisition of Daewoo Electronics Corp. and tapped a new chief for the country’s third-largest home appliance maker.

Following a board meeting and a shareholder’s meeting on Thursday, the group said it has nominated Lee Jai-hyong, the vice chairman of Dongbu Lightec Co. and Dongbu LED Co., as the new head of Daewoo Electronics.

Daewoo Electronics CEO Lee Sung will remain in the company as its chief operating officer, according to the group.

Dongbu, meanwhile, has paid 228 billion won ($211 million) of the 272.6 billion won deal. The remaining 44.6 billion won is set to be paid by the end of March upon the group’s deal with financial investors.

When the remaining amount is paid, the group will control 50.6 percent of Daewoo Electronics, while financial investors will hold the remaining 49.4 percent stake.

The takeover marks an end to Daewoo Electronics’ quest to find a new owner after five rounds of botched talks with potential buyers, including overseas firms and consortia such as Iran’s Entekhab Industrial and Morgan Stanley Private Equity.

Daewoo Electronics is the former unit of the now-defunct Daewoo Group, one of South Korea’s biggest conglomerates that collapsed in 1999. (Yonhap News)