Following a year-long search, struggling Korean automaker SsangYong looks to have found a buyer.

The company on Wednesday named a consortium led by fellow Korean automaker Edison Motors as the buyer. Citing industry sources, the Nikkei reported that the deal is worth approximately $260 million.

Edison Motors was only founded in 2015. The company builds electric buses and is developing electric commercial trucks, and if all goes to plan will start selling electric crossovers and SUVs under the SsangYong brand.

SsangYong J100

SsangYong J100

SsangYong in July showed off the design for an electric crossover dubbed the J100, together with the design for a Jeep Wrangler-esque SUV dubbed the X200. The company also said it planned to launch an electric version of its existing Korando crossover.

The current owner of SsangYong is Indian automaker Mahindra with a 75% stake. However, Mahindra has held back on further investment in SsangYong as it seeks to preserve cash in view of its own declining sales. Mahindra last year canceled a $406 million investment in SsangYong and put the automaker up for sale.

Without the new funds, SsangYong soon ran into insolvency and was ordered by a bankruptcy court last December to restructure. SsangYong like most automakers has been hurt by the slowdown caused by Covid-19, though its sales were already slowing prior to the pandemic. It sold 132,799 vehicles in 2019, which was down from 141,995 the year prior. Its 2020 sales were down a further 20% to just 106,000 vehicles.