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(LEAD) Samsung bags 8 tln-won equipment supply deal from Verizon

09:53 September 07, 2020

(ATTN: ADDS more info from 4th para, photo)
By Joo Kyung-don

SEOUL, Sept. 7 (Yonhap) -- Samsung Electronics Co., South Korea' leading tech firm, on Monday said it will supply network equipment to U.S. telecommunications giant Verizon for 7.89 trillion won (US$6.6 billion).

Samsung said it will supply network solutions, including 5G, for the next five years until Dec. 2025.

Samsung's latest contract with Verizon is the largest network equipment supply deal in its history.

This image provided by Samsung Electronics Co. shows its logo for 5G tech. (PHOTO NOT FOR SALE) (Yonhap)

Samsung has been especially trying to expand its 5G equipment customer pool in recent years. In addition to the United States, the company has so far inked 5G equipment contracts in countries like Canada, New Zealand and Japan.

Industry insiders said the deal with the top U.S. telecom operator will serve as a reference for Samsung to secure more network solutions orders in other major markets.

The U.S. is the world's largest mobile telecommunications market, with its infrastructure spending accounting for about a quarter of the global network investment.

With the U.S. pressuring China's Huawei Technologies Co., the world's top 5G equipment supplier, over security reasons, industry observers predicted that Samsung can further expand its presence in the 5G equipment market.

According to market tracker IHS Markit, Huawei was the leading player in the global 5G equipment market last year with a 26.2 percent share, followed by Sweden's Ericsson with 23.4 percent and Samsung with 23.3 percent.

kdon@yna.co.kr
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