In a joint statement, Vodafone and Samsung Electronics announced that the latter would supply its 5G network equipment in Britain. For the South Korean company, it represents a breakthrough in Europe’s telecoms gear market.
Currently, the European telecoms equipment market is dominated by Nokia, Ericsson, and Huawei. Samsung came into the picture after it landed a $6 billion deal with Verizon in September 2020. Moreover, the European mobile operators are considering replacing China’s Huawei as a supplier. Spain’s Telefonica and France’s Orange already held talks with Samsung regarding the matter.
Britain had already ordered all Huawei to be removed from its 5G network by 2027, following the US’ steps, citing national security risks.
The financial terms of the deal were not disclosed.
At the moment of writing, Samsung stock price is 0.50% higher, while Vodafone edged 0.32% higher during today’s premarket session.
Read more about Samsung’s chip shortage here!
Sources: finance.yahoo.com, reuters.com