Samsung today confirmed to have invested in another South Korean mobile phone company, Pantech. Samsung acquired a total of 10 percent stake in the company valued at 53 billion won and in a statement released to The Next Web, the number one smartphone maker aims to “solidify” the relationship between them.
Despite Pantech being a rival to Samsung in the smartphone business in South Korea, Samsung iterates that Pantech is a “key component customer” and won’t have any involvement in Pantech’s day-to-day business.
Yonhap News Agency says last year alone, Pantech bought components worth 235 billion won from Samsung SDI.
Samsung is currently the third largest stakeholder in Pantech after Qualcomm (11.96 percent) and Korea Development Bank (11.81 percent).
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