Samsung Elec wins $6.6 billion Verizon order for network equipment

Samsung Electronics said on Monday it had won a $6.64 billion order to provide wireless communication solutions to Verizon in the United States, a major win for the South Korean firm in the next-generation 5G network market.

Curated via Twitter from Reuters Tech News’s twitter account….

The order is for network equipment, a Samsung spokesman said, but declined to comment on detailed terms the contract, such as the portion of 5G-capable equipment included.

Samsung said in a regulatory filing the period of the contract, signed with Verizon Sourcing LLC, is from June 30, 2020 to Dec. 31, 2025.

FILE PHOTO: The logo of Samsung Electronics is seen at its office building in Seoul, South Korea, March 23, 2018.

KS) said on Monday its U. S. unit won a 7. 9 trillion won ($6. 7 billion) order to provide wireless communication solutions to Verizon (VZ. N) in the United States.

Verizon had already been a customer of Samsung before the order.

Verizon CEO Hans Vestberg told CNBC in July last year that Verizon doesn’t use any Huawei equipment.

Link to original article….

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