Samsung to buy part of UK electronics firm
SEOUL — South Korea's Samsung Electronics said Tuesday it had signed a deal to buy a mobile technology unit belonging to British firm Cambridge Silicon Radio (CSR) in a bid to improve its handheld devices.
Under the deal signed Monday, Samsung will buy CSR's facility which develops mobile connectivity and location technologies -- used in devices such as smartphones and tablet PCs -- by the end of this year, for $310 million.
Samsung, the world's largest maker of smartphones, will also take over related patents held by the British firm and 300 workers at the unit, it said in a statement.
It also said it would buy CSR shares worth $34 million to boost ties with the British firm, one of the global leaders in Bluetooth, Wi-Fi and Global Positioning System technologies.
"The deal will enable both companies to better align their current development efforts and future product roadmaps, while accelerating their time-to-market for rapidly evolving demands within the market," Samsung said.
"This transaction will accelerate our transformation into a more competitive platform company operating in attractive growth markets where we have a leading market position," Joep van Beurden, CEO of CSR, said.
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