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Samsung acquires 10 percent stake in Pantech for $47.6M

updated 06:45 am EDT, Wed May 22, 2013

Samsung becomes third-largest stakeholder in manufacturer

Samsung has bought a 10 percent stake in South Korea-based mobile producer Pantech. The purchase of shares in the country's third-largest smartphone manufacturer, reported to be worth 53 billion won ($47.6 million), will make Samsung the third-largest stake holder, just behind Qualcomm and the state-owned Korea Development Bank.

Talking to the Yonhap news agency, Samsung stated the move "will help further solidify bilateral cooperation in smartphone and other business areas." A later statement passed to The Next Web mentions "Samsung will have no involvement in Pantech's business management in any way or form," along with calling Pantech a "key component customer of Samsung." Pantech is said to have bought 235 billion won ($210 million) in components from Samsung and its affiliates in the last year.

While the company is well known within South Korea and in nearby regions, Pantech struggles to be recognized in other markets, though it has created some notable devices. Earlier this year, it demonstrated the Vega No. 6 phablet with a 5.9-inch full HD display, followed by the Vega Iron with its 2.4mm (0.1-inch) bezel.

by MacNN Staff



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