September 7, 2020

Samsung wins $6.6 billion Verizon 5G order

Seoul (AFP) – Samsung Electronics clinched a $6.6 billion agreement to provide 5G network equipment to Verizon in the United States, a regulatory filing showed Monday, expanding its presence in the strategically crucial market. The South Korean tech giant said the massive deal was equivalent to 3.4 percent of its total worldwide sales last year, and a “long-term strategic contract”.Washington has banned US telecom firms from using network equipment manufactured by Samsung’s Chinese rival Huawei on security grounds.Samsung Electronics is the flagship subsidiary of the sprawling Samsung group, b…


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