Economic Times | March 8, 2011
KOLKATA: Homegrown handset maker Karbonn will buy a South Korean cellphone design house for about $40 million in an all-cash deal, an executive with the company said. The proposed acquisition is strategic to the company’s bid to market low-cost 3G phones in Latin America, Africa and South Asia.
The deal will be financed with a portion of the $250 million that Karbonn expects to garner from PE firms over the next three months. “We will soon acquire 100% ownership in a reputed South Korean cellphone design house that is a specialist in Android smartphones,” Karbonn chairman Sudhir Hasija told ET but declined to divulge the name of the company.
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