LAS VEGAS: Samsung's chief executive officer Han Jong-hee has said the company was still pursuing a merger deal, even though its efforts have hit a snag.
The tech company's deal-making activities were only "delayed due to various external factors," Han Jong-hee, vice chair and co-CEO at Samsung, said at the 'CES 2023' here.
Han cited the ongoing Russia-Ukraine war, China's lockdowns, tensions between the United States and China, and other macroeconomic challenges as reasons for the delay over the last year.
Samsung has been eying a new M&A deal for years, reports Yonhap news agency.
At last year's CES, Han said the company was extensively reviewing M&A opportunities in various industries.
"We are moving faster than you might think. We are open to every possibility, and I think we can deliver good news sooner or later," he said at that time.
A year has passed, however, without any news on the merger front.
"As the world is moving on from the pandemic and trying to resume normalcy, I think you can expect some good news from us," Han sounded positive again Friday on the possibility of a deal, without elaborating further.
"One thing for sure is that we are trying to do an M&A to enhance our business," he said, adding, "I can't share details with you on security concerns, but it's been going well."
The last major M&A deal of Samsung, the world's largest memory chip and smartphone vendor, came in 2016, when it acquired US-based Harman International Industries, specialising in connected car solutions, for US$8 billion.
In September, speculation arose that Samsung might be interested in buying British chip designer Arm.
It was before a meeting between Samsung Electronics Executive Chairman Lee Jae-yong and CEO of SoftBank Group Corp. Masayoshi Son in early October. Softbank acquired Arm in 2016.
Visit news.dtnext.in to explore our interactive epaper!
Download the DT Next app for more exciting features!
Click here for iOS
Click here for Android