Samsung has won a massive deal worth $6.65 billion to provide network equipment to wireless provider Verizon. As per the contract, Samsung will supply the carrier with 5G infrastructure and related technology.
As per experts, Samsung’s global prospects for its network business had increased, following US sanctions on its bigger rival Huawei. Samsung did not offer any update on how much of the contract deals with 5G-capable network equipment. The infrastructure deal between both companies is set to last through the end of 2025.
A WSJ report stated that the Verizon contracts’ $6.65 billion value over five years exceeds the revenues Samsung generated from the business in all of 2019.