Samsung has bought ten per cent of rival mobile phone company Pantech, according to reports from Korean news outlets.
If the deal is successful then the Galaxy manufacturer would become the third-largest stakeholder in the firm with Qualcomm and Korea Development Bank both owning bits of it too.
Although the company’s exact reasoning for the move is unclear, Pantech is the third largest handset manufacturer in Korea after Samsung and LG.
The deal is reported to be worth around £31 million and has been labelled as a way to “solidify bilateral cooperation in smartphone and other business areas”.
Rumours are suggesting Samsung has made the business decision in a bid to improve its innovation, even though Pantech are more of a national company rather than a worldwide giant.
Nothing has been confirmed yet though and users will probably have to wait a few more months before the real purpose of the acquisition is made clear.
Posted by Claire Marshall