14 DAY TRIAL // Today, South Korean mobile phone maker Samsung Electronics officially confirmed plans to buy a 10 percent stake in Pantech, the third largest phone maker in the country.
The deal is said to have been valued at around 53 billion won (US$47.6 million), and is expected to result in a tightened collaboration between the two companies in smartphone design and other areas.
The deal will also allow Samsung to become the third largest stake holder in Pantech, after Qualcomm Inc. with 11.96 percent and Korea Development Bank, which owns 11.81 percent in the company.
However, Samsung claims that it does not plan on influencing Pantech’s management decisions, TNW reports.
“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,” the company said.