LG to acquire KTF Technology

LG Electronics announced that they have reached a preliminary agreement with the South Korean company KT group to acquire their mobile phone manufacturing subsidiary KTF Technology (KTFT). KTFT together with UTStarcom designed the CDM-9945 handset for the US wireless operator Verizon, which was approved by FCC last month as phonearena.com informed. This acquisition will enable LG Electronics to restore its second position on the Korean mobile phones market. Pantech managed to surpass LG last year after the takeover of SK Teletech. Details of the acquisition, such as the acquisition price and the timeframe, are subject to further discussions.

Source: The Korea Times