Samsung Electronics buys British chip designer's mobile unit

Samsung Electronics Co., the world's top maker of mobile phones and memory chips, said Tuesday it has agreed to buy the mobile unit of British chip designer CSR plc for $310 million.

Under the agreement, Samsung Electronics will gain access to CSR's mobile connectivity and location technology as well as relevant patents, the company said in a statement.

The move comes as the South Korean tech giant moves to boost its presence in the global wireless connectivity market. As part of this effort, Samsung took over Nanoradio, a Sweden-based wireless fidelity (WiFi) solution firm, last month.

"This strategic partnership combines Samsung's world-class semiconductor technology with CSR's cutting edge wireless connectivity and location expertise," said a Samsung executive.

Samsung said it plans to make an additional investment of roughly $34 million in shares of the British firm.

The deal is set to be completed by the fourth quarter of this year. (Yonhap)