Samsung Electronics will acquire a stake in the Chinese display company TCL China Star Optoelectronics Technology (TCL CSOT) held by its affiliate Samsung Display for 1.27 trillion won.
On October 30, Samsung Electronics announced its plan to acquire the shares. The transaction will be conducted through an over-the-counter purchase, and after the acquisition, Samsung Electronics' stake in TCL CSOT will rise to 10.16%.
Samsung Electronics stated that the acquisition aims to strengthen its strategic partnership with TCL. The board of directors approved the proposal the previous day, with all five independent directors present.
The acquisition amount was calculated using the Seoul Foreign Exchange Brokerage's exchange rate of 1,324.30 won per dollar on October 28. The actual acquisition cost may vary depending on the exchange rate at the time of payment.
Samsung Electronics plans to make the payment in December after completing the necessary domestic and international regulatory procedures.