Samsung Elec wins $6.7 billion Verizon order for network equipment By Reuters

Samsung Elec wins $6.7 billion Verizon order for network equipment

© Reuters. FILE PHOTO: The logo of Samsung Electronics is seen at its office building in Seoul

SEOUL (Reuters) – Samsung Electronics (KS:) said on Monday its U.S. unit won a 7.9 trillion won ($6.7 billion) order to provide wireless communication solutions to Verizon (N:) in the United States.

The order is for network equipment, a Samsung spokesman said, but declined to comment on detailed terms the contract, such as the portion of 5G-capable equipment included.

Samsung said in a regulatory filing the period of the contract, signed with Verizon Sourcing LLC, is from June 30, 2020 to Dec. 31, 2025. It did not give details in the filing.

Verizon had already been a customer of Samsung before the order. Verizon CEO Hans Vestberg told CNBC in July last year that Verizon doesn’t use any Huawei equipment.

Verizon is believed to be Nokia’s (HE:) biggest customer, JP Morgan research said in a July note.

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