Samsung to take over German lighting firm
Dresden-based company was expected to fetch around $270 million
Seoul: Cheil Industries Inc an electronic material, chemical and textile unit of the Samsung Group, said on Tuesday it is considering buying German high-tech lighting company Novaled AG.
South Korean newswire Money Today reported earlier on Tuesday the Dresden-based company was expected to fetch around 300 billion won ($270 million), citing an unnamed source attached to the deal.
Cheil’s announcement came after South Korea’s Doosan Co Ltd also said it was looking at acquiring the organic light-emitting diode (OLED) maker.
Novaled, which is already backed by Samsung Group’s venture capital arm Samsung Venture Investment, filed for an initial public offering last year with U. regulators.
