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Samsung acquires 10% stake in rival Pantech for a cool $48m

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Samsung has always been known to not completely play by the rules, their latest move seems to reassure us all that they don’t plan on doing so anytime soon either.

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The South Korean giant has apparently acquired a 10% stake in local rival, Pantech, which is the third largest smart phone maker in South Korea, behind only Samsung themselves and LG. The deal sees Samsung paying roughly $48 million for a 10% stake in the company which has seen its popularity increase tremendously lately and may increase even more considering what the significance that its fellow Koreans have gained overseas and locally. The stake is only slightly smaller than that of Qualcomm and Korea Development Bank, which own 11.96% and 11.81% respectively.

The deal is only of interest to Samsung, who provides over $210 million worth of parts to Pantech each year to makes its hugely successful line of affordable smart phones.

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Written by Dion Guillaume

May 22nd, 2013 at 5:53 pm