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Thursday, May 23, 2013

Samsung buys a stake in South Korean rival Pantech

Samsung Electronics is reported to have bought a 10% stake in smartphone and tablet manufacturer Pantech. Pantech is South Korea’s third-largest handset maker after Samsung and LG.

Chip manufacturer Qualcomm and the Korea Development Bank both hold slightly larger stakes in Pantech, which buys some components from Samsung.

Samsung is quoted as saying the investment is aimed at solidifying its relationship with Pantech and will not involve it in Pantech’s business management.

The deal is said to be worth around 53 billion won (£31 million).

[Sources: yonhapnews.co.kr; thenextweb.com]

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