Samsung and Pantech are direct competitors, and, even more, they’re from the same country, South Korea, together with LG. According to a press release today, the announcement says that Samsung buys stake in Pantech. 10%, to be more specific, according to the wording.
That tenth slice will cost Samsung 53 billion won (about $47.6 million), but, on the long run, it is believed to further strengthen “bilateral cooperation in smartphone and other business areas”. With this move Samsung becomes the third largest stake holder in Pantech, after chip-maker Qualcomm Inc. with its 11.96% and the Korea Development Bank with 11.81%. The competition on the local market, where Pantech is placed third after Samsung and LG, will become a tad more interesting.