Samsung nears completion of Novaled purchase

Samsung Group was reported to be nearing the completion of an acquisition agreement with Novaled AG, a German company that made materials used to light up television screens and smartphones. The deal would cost more than US$200 million. This information came from two sources who were familiar with the matter.

"We are internally reviewing plans to acquire Novaled, but no details have been set yet," said spokesman Lee Tae Hun of Cheil Industries Inc. in a phone interview. Cheil Industries was the chemical and electronic materials unit of Samsung Group, South Korea's largest conglomerate.

Samsung Electronics Co. Ltd., another a part of the conglomerate, announced several acquisitions earlier this year. Last July 3, 2013, Samsung Electronics announced its acquisition of Boxee, Inc. for US$330 million. Last March, it bought a 3% stake in Sharp Corp., a Japanese electronics manufacturer, for around US$106 million. However, the biggest overseas acquisition deal that Samsung Electronics entered, according to research firm Dealogic, was that of AST Research Inc. The two-part acquisition cost US$840 million.