Qualcomm Takes Stake In Korean Handset Maker To Relieve Debt

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Qualcomm (NSDQ: QCOM) has agreed to wipe Pantech’s debt clean with the chip-maker by receiving a stake in what is the third-largest Korean handset manufacturer.

Under the terms, Qualcomm will become a minority shareholder in Pantech & Curitel Communications and Pantech and will be a passive investor with no participation on the board, reports Cellular-News.com. Once the transaction is completed over the next few months, Qualcomm will essentially receive $76.3 million in Pantech stock to settle unpaid royalties, reports JoongAngDaily.

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