Samsung Exec Dismisses BlackBerry Buyout Talk
In a statement, BlackBerry officials said the company “has not engaged in discussions with Samsung with respect to any possible offer to purchase BlackBerry.”
A co-CEO for Samsung is dismissing a report that the electronics giant recently discussed a deal to acquire smartphone maker BlackBerry for $7.5 billion.
According to The Wall Street Journal, J.K. Shin, co-CEO of Samsung in charge of the company’s mobile phone business, said in a statement does not plan to acquire BlackBerry.
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“We want to work with BlackBerry and develop this partnership, not acquire the company,” Shin told the Journal in a statement.
Last week, Reuters reported Samsung approached BlackBerry about a potential acquisition valued at $7.5 billion. The report cited documents and people familiar with the matter.
However, BlackBerry vehemently denied the report. “BlackBerry has not engaged in discussions with Samsung with respect to any possible offer to purchase BlackBerry,” read a company statement.
The report sent BlackBerry shares soaring more than 30% before the company’s denial fueled the stock price’s plunge.
Last year, the companies forged a partnership that would bring BlackBerry enterprise technology to Samsung Galaxy smartphones and the device maker’s KNOX security platform.
