Samsung to buy 10 Percent stake in smaller local rival Pantech

22 May, 2013 Samsung


Samsung Electronics Co., the world'slargest smartphone maker, said Wednesday that it has decided to buy a 10 percent stake in Pantech Corp., South Korea's third-largest handset maker.


The deal, valued at around US$47.6 million, will help further solidify bilateral cooperation in smartphone and other business areas, it said.


Samsung has confirmed the deal, providing a statement to TNW that explains it will be a passive investor with no input into Pantech's management decisions - presumably to offset any anti-competitive concerns:


Samsung Electronics has agreed to acquire a 10-percent stake in Pantech, valued at approximately KRW 53 billion. The investment is aimed at solidifying our relationship with Pantech, a key component customer of Samsung. Samsung will have no involvement in Pantech's business management in any way or form.


In the domestic market, Pantech trails behind Samsung Electronics Co. and LG Electronics Inc. in mobile phone shipments.

Description

AndroidMaster
Posts: 1274





© 2023 YouMobile Inc. All rights reserved