SEOUL: Samsung Electronics Co Ltd and affiliate Cheil Industries Inc will acquire a 90 percent stake in Germany's Novaled AG for 311 billion won ($279.42 million), Cheil said on Friday.
Cheil Industries, an electronic material, chemical and textile unit of the Samsung Group, will acquire a 50.1 percent stake, while Samsung Electronics will own a 40 percent stake, Cheil said in a statement.
With this, Samsung Group units will wholly-own Novaled as Samsung Group's venture capital arm Samsung Venture Investment already owns a 9.9 percent stake in the high-tech lighting company.
Cheil said in a regulatory filing the three Samsung units could collectively pay an additional 30 million euros as an incentive if Novaled meets certain future performance goals. It did not elaborate.
Novaled, a high-tech lighting company, reported a revenue of 38.2 billion won ($34.32 million) and a net loss of 2.5 billion won in 2012, Cheil said in the filing.
indiatimes.com
Cheil Industries, an electronic material, chemical and textile unit of the Samsung Group, will acquire a 50.1 percent stake, while Samsung Electronics will own a 40 percent stake, Cheil said in a statement.
With this, Samsung Group units will wholly-own Novaled as Samsung Group's venture capital arm Samsung Venture Investment already owns a 9.9 percent stake in the high-tech lighting company.
Cheil said in a regulatory filing the three Samsung units could collectively pay an additional 30 million euros as an incentive if Novaled meets certain future performance goals. It did not elaborate.
Novaled, a high-tech lighting company, reported a revenue of 38.2 billion won ($34.32 million) and a net loss of 2.5 billion won in 2012, Cheil said in the filing.
indiatimes.com
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