South Korea-based Cheil Industries bought a majority stake in Novaled, a lighting company in Germany that specializes in organic light-emitting diode (OLED) structures. The 50% stake was purchased by Cheil Industries for EUR 260 million. The price tag includes the contingent payment of EUR 30 million, which will be given when specified milestones are reached. The deal made the South Korean company the majority stockholder of Novaled, as Samsung Electronics would be buying 40% while Samsung Venture Investment would hold on to its 10% stake.

Chief Executive Officer of Cheil Industries Jong-Woo Park said this will be a new era for the development of Novaled. "Leadership in future display market will be determined by technological capacity and this acquisition is expected to generate significant synergy in new-generation OLED materials R&D and will play a critical role in enhancing Cheil Industries' market position as a global leader in electronic materials," he said. Cheil Industries provides electronic materials for companies in the display industry and is a partner of Samsung Electronics.