Samsung sells defence business to Hanwha
The South Korean giant, Samsung Group has abruptly agreed to sell its majority 32.35% stake in its defence arm to the Hanwha group.
Hanwha’s bid to acquire Samsung Techwin for an estimated USD759 million is expected to be completed in the first half of 2015, subject to regulatory approval.
Samsung Techwin executive vice-president Han Soo Jung stated on 4 December: ‘The Hanwha group’s investment in Samsung Techwin will enable us to continue to research, design and develop innovative, market-leading solutions that will create new business opportunities and ensure our future growth.’
Samsung Techwin’s revenues amounted to $2.7 billion last year.
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