Samsung secures $6B network deal with Verizon

Samsung’s network division secured a multi-year KRW7.9 trillion ($6.6 billion) wireless contract from US-based Verizon, in a major win for the South Korean vendor against established rivals. In a Korean stock market filing today (7 September), the electronics giant said its US subsidiary Samsung Electronics America signed a deal with Verizon Sourcing for the purchase, installation and maintenance of wireless equipment including 5G gear. The contract runs from 30 June 2020 to 31 December 2025. Samsung noted the deal represents 3.43 per cent of its total revenue of KRW230 trillion in 2019. Yonhap News Agency said the contract with Verizon is Samsung Network’s largest ever. In early July, US media speculated the operator was lining up a RAN deal with Samsung [1]. Samsung Networks is a major 5G supplier for South Korean operators [2] and is tipped to gain market share as Chinese rival Huawei faces bans due to security concerns. [1] https://www.mobileworldlive.com/featured-content/home-banner/nokia-dampens-rumours-of-verizon-5g-loss [2] https://www.mobileworldlive.com/featured-content/home-banner/korea-operators-set-consumer-5g-tariffs

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