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Samsung Display Co. Ltd. and eMagin Corporation announced this week they have signed a definitive merger agreement. The South Korean subsidiary of Samsung Electronics is acquiring the American leader in organic light emitting diode (OLED) microdisplay technology for $218 million.
Samsung Display and eMagin agreed that the former is buying all outstanding shares of the latter’s common stock for $2.08 per share. The purchase is set to be paid in full cash.
The merger is expected to strengthen Samsung Display’s push to get into the global market for its line of businesses, including extended reality. In any case, eMagin was founded in 2000 and is currently based in Hopewell Junction, New York. It mainly manufactures small-sized OLED display panels for augmented reality (AR) and virtual reality (VR) devices.
According to Korea Joongang Daily, Samsung Display and eMagin are expecting their merger deal to be completed within the second half of this year. Then again, just like any other buyout transaction, this is also subject to the approval of regulators, stockholders of eMagin, and other applicable customary closing conditions.
Until the process of the buyout is closed, the two companies will continue to operate as separate independent firms. And when everything is in place and finalized, the American OLED maker will still maintain its operations and facilities in New York.
“This agreement is a validation of our technical achievements to date including our proprietary direct patterning (dPd) technology, provides a significant premium for our shareholders, and represents a win for our customers and employees,” eMagin’s chief executive officer, Andrew G. Sculley, said in a press release. “By teaming with Samsung Display, we will be able to achieve the full potential of our next-generation microdisplay technology with a partner that can provide the resources and expertise we will need to scale production.”
Samsung Display’s president and CEO, Joo Sun Choi, further commented, “We expect XR (Extended Reality) devices to have significant potential of growth in the future, and eMagin’s technology in this space will enable Samsung to offer innovative products to more customers and strengthen its XR-related business.”
Photo by: Samsung Display Newsroom
