Samsung Heavy Industries Co Ltd will absorb Samsung Engineering Co Ltd in a 2.5 trillion won ($2.46 billion) deal, the latest tie-up among companies with related businesses in South Korea's largest conglomerate.

Samsung's ongoing group restructuring appears to have accelerated since the May hospitalisation of Lee Kun-hee, patriarch of the group's controlling family, following a heart attack.

Investors are closely watching how control of Samsung Group will transfer to heir apparent Jay Y. Lee and his two sisters. The planned initial public offerings of Cheil Industries Inc - formerly called Samsung Everland - and Samsung SDS are seen as key elements in the succession process.

Samsung Heavy, the world's second-largest shipbuilder, announced the merger with Samsung Engineering on Monday, saying the companies had combined sales of about 25 trillion won last year and aimed to grow that to 40 trillion won by 2020.

"Through the merger, Samsung Heavy and Samsung Engineering has become able to provide total solutions spanning both land and sea for clients including oil majors," Samsung Heavy said in a statement.

Samsung Heavy will issue around 94 million new shares to Samsung Engineering shareholders at 26,972 won per share, valuing the deal at around 2.5 trillion won. Samsung Heavy shares closed at 27,250 won per share on Friday.

Shares in Samsung Heavy and Samsung Engineering had climbed more than 5.5 percent by 8.56 p.m. ET after the announcement.

"Samsung Group has recently completed a series of mergers between sister companies that have related businesses, and this merger is likely a continuation of such trend," Kiwoom Securities analyst Park Joong-sun said.

"This deal probably doesn't have much to do with the succession process because the third generation of the Lee family do not personally own shares in either of the companies."

Samsung Group had already split off its fashion-and-electronics materials unit Cheil Industries Inc earlier this year, merging the materials business with Samsung SDI Co Ltd and the fashion business with Samsung Everland. Samsung Everland later changed its name to Cheil Industries.

The group also had unlisted unit Samsung General Chemicals Co Ltd acquire Samsung Petrochemical Co Ltd in the first half of this year.

A Samsung Group spokesman declined comment on how this fit into the group's overall restructuring process.

A Samsung Heavy spokesman and a Samsung Engineering spokeswoman both declined further comment.