Samsung Electronics today buys about 10% of the shares of a competing manufacturer of mobile phones and smartphones Pantech.
South Korea's Pantech is the third largest after Samsung and LG. According to analysts, the transaction value is about 53 billion Korean won, or $ 48 million. In a joint statement, the parties said the deal will help strengthen bilateral cooperation in the field of smart phones and other lines of business.
With today's purchase securities Pantech, Samsung has become the third largest shareholder in the company after the American Qualcomm and Korean State Development Bank of Korea. The latter two own stakes in 11.96% and 11.81% stake in Pantech. As explained in the Samsung, their company has links with Pantech in semiconductor manufacturing and display industry.
