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)