Friday, October 2, 2020

Samsung bags its biggest $6.6bn network supply deal from Verizon

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Seoul, Sep 7 : Samsung Electronics on Monday said it will supply network equipment to US telecommunications giant Verizon for $6.6 billion which is the largest network equipment supply deal in the history of South Korean giant.

Samsung said it will supply network solutions, including 5G, for the next five years until December 2025.

The size of the deal is equivalent to 3.43 per cent of Samsung Electronics’ sales of 230 trillion won 2019.

Samsung has been trying to expand its 5G equipment customer pool in recent years.

“We are pleased to expand our long-standing partnership with Verizon to advance their next-generation network evolution. With this latest long-term strategic contract, we will continue to push the boundaries of 5G innovation to enhance mobile experiences for Verizon’s customers,” the company said in a statement.

In addition to the US, Samsung has so far inked 5G equipment contracts in countries like Canada, New Zealand and Japan, reports Yonhap news agency.

Industry insiders said the deal with the top US telecom operator will serve as a reference for Samsung to secure more network solutions orders in other major markets.

The US is the world’s largest mobile telecommunications market, with its infrastructure spending accounting for about a quarter of the global network investment.

With the US pressuring China’s Huawei, the world’s top 5G equipment supplier, over security reasons, industry observers predicted that Samsung can further expand its presence in the 5G equipment market.

According to market tracker IHS Markit, Huawei was the leading player in the global 5G equipment market last year with a 26.2 per cent share, followed by Sweden’s Ericsson with 23.4 per cent and Samsung with 23.3 per cent.

Disclaimer: This story is auto-generated from IANS service.

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