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Samsung wins $6.6 billion Verizon deal for 5G network

This deal marks one of Samsung's biggest 5G contracts since it decided to invest in networking and compete with global players like Ericsson and Nokia in providing telecom equipment

twitter-logoBusinessToday.In | September 8, 2020 | Updated 14:57 IST
Samsung wins $6.6 billion Verizon deal for 5G network
According to Samsung, the period of the contract is from June 30, 2020 to December 31, 2025

Samsung Electronics Co. has won a $6.6 billion order to provide 5G wireless solutions to Verizon Communication Inc in the US.  According to Samsung, the period of the contract is from June 30, 2020 to December 31, 2025.

This deal marks one of Samsung's biggest 5G contracts since it decided to invest in networking and compete with global players like Ericsson and Nokia in providing telecom equipment.

In the past also, Samsung Technologies and Verizon have worked together in the 5G segment. In 2018, Korea's largest corporation was behind the fifth-generation home service that Verizon offered to some customers in California.

After the contract, Samsung said it expanded partnership with Verizon "to push the boundaries of 5G innovation to enhance mobile experiences for Verizon's customers".

"Samsung has demonstrated its commitment to collaborating with us to drive innovation in 5G...We are excited to expand our relationship with them and benefit from a long-term strategic agreement," Verizon said.

Samsung, the world's largest memory chip and electronics gadget maker, has been pushing hard to expand its market share in the 5G equipment market and investing in sixth-generation mobile networks.

The Trump administration last month unveiled plans to auction off spectrum previously dedicated to military purposes for commercial use starting in mid-2022. In the auction of airwaves, the New York-based carrier Verizon spent $1.9 billion and gained a mid-band spectrum for its 5G rollout.

The next-generation 5G wireless network is expected eventually to connect and enable high-speed video transmissions and self-driving cars, among other uses.

(With agencies input)

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