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Macquarie Korea Asset Management has completed its roughly 800 billion won ($676 million) acquisition of Deokyang, the country’s biggest producer and supplier of hydrogen, as the Australia-based investment firm further expands its presence in South Korea’s energy and infrastructure sector.

The deal’s closing comes about two months after the hydrogen producer signed with Macquarie to sell itself in October.

Earlier this year Deokyang owner’s family approached several private equity firms about a sale after the company’s founder and honorary chairman Lee Deok-woo died in March and then entered into exclusive discussions with Macquarie.

The acquisition is the first investment via Macquarie’s fifth South Korean infrastructure fund, Macquarie Korea Opportunities Fund V, which invested 200 billion won in the company.

Deokyang is expected to create synergies with Macquarie’s existing portfolio companies in the country’s gas industry. Over the past two years, the investment firm acquired South Korea's biggest industrial gas supplier Daesung Industrial Gases and two regional gas suppliers Haeyang Energy and Seorabeol City Gas.

With more than 60 years in the industry, Deokyang holds approximately a 40% share in the domestic hydrogen market. Based in Ulsan, the company has more than 250 hydrogen tube trailers.

Macquarie plans to accelerate the company’s growth by helping to expand into blue and green hydrogen production through partnerships with energy firms at home and abroad. (Reporting by Seon-young Kim)