UPDATE: The initial reported figure was wrong. The confirmed transaction value is €260 million that comes to around $347 million, which we’ve corrected below.
Samsung Group through its subsidiary and affiliate has acquired German-based Novaled AG. Samsung Electronics, part of Samsung Group and its affiliate Cheil Industries Inc. will acquire a stake of 40 percent and 50 percent respectively for $347 million. Samsung’s venture capital arm, Samsung Venture Investment already has an investment in the company.
The acquisition confirms the report from last month that claimed Samsung was looking to buy the company for over $200 million.
Cheil also said that Samsung could also pay an additional 30 million euros as an incentive if Novaled is able to meet certain goals.
Novaled specialises in PIN OLED technology that allows to reduce display energy consumption while at the same time enhance OLED panel’s shelf life. The company also has more than 500 patents for OLED technology.
Samsung Electronics and Cheil Industries plans to expand Novaled’s existing R&D activities and OLED R&D strategy in Dresden.
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