Samsung Electronics Co. has won a 7.9 trillion won ($ 6.6 billion) order to provide fifth generation wireless solutions toVerizon Communications Inc. in the United States, a big win for the electronics giant’s network equipment industry.
The contract was finalized on Friday and is valid from June 30 to December 2025, he said in a regulatory filing.
The deal marks one of Samsung’s biggest 5G contracts since Korea’s largest company decided years ago to invest in networking and compete with global players such asNokia etEricsson by providing telecommunications equipment. This is expected to increase Samsung’s market share in the wireless industry at a leading timeHuawei Technologies Co. is grappling with US sanctions and Washington’s efforts to get allies around the world to exclude Chinese society.
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“With this latest long-term strategic contract, we will continue to push the boundaries of 5G innovation to improve the mobile experiences for Verizon customers,” the company said in an emailed statement.
Samsung, the world’s largest manufacturer of memory chips and electronic gadgets, has made great efforts to expand its market share in the 5G equipment market and has invested insixth generation mobile networks. The company did not provide further details on the Verizon deal. The US operator obtained the much needed medium band spectrum for its 5G deployment afteremerging among the top winners in a recent wave auction in the United States.