© franz schloegl dreamstime.com General | August 09, 2013
Cheil Industries to acquire Novaled
Cheil Industries is acquiring a majority stake in Novaled, a provider in OLED technologies and materials, in a transaction valuing Novaled at EUR 260 million.
Cheil Industries has signed a binding agreement to acquire a majority stake of approximately 50% in Novaled. Samsung Electronics will acquire approximately 40%, the remaining stake of approximately 10% in Novaled is currently held by Samsung Venture Investment which will maintain its current shareholding. The transaction values Novaled at a total enterprise value of EUR 260m including a EUR 30m contingent payment, which is conditional to reaching certain milestones. Cheil Industries’ CEO Jong-Woo Park commented: “Leadership in future display market will be determined by technological capacity”, and “this acquisition is expected to generate significant synergy in new-generation OLED materials R&D and will play a critical role in enhancing Cheil Industries’ market position as a global leader in electronic materials”. Cheil Industries plans to grow Novaled’s existing R&D activities and concentrate a main part of its OLED R&D strategy in Dresden.