Samsung Group unit Cheil Ind considering buying Novaled AG

The Dresden-based company was expected to fetch around 300 billion won ($270 million).

Cheil Industries Inc,an electronic material,chemical and textile unit of the Samsung Group,said on Tuesday it is considering buying German high-tech lighting company Novaled AG.

Reportedly,the Dresden-based company was expected to fetch around 300 billion won ($270 million),citing an unnamed source attached to the deal.

Cheil’s announcement came after South Korea’s Doosan Co Ltd also said it was looking at acquiring the organic light-emitting diode (OLED) maker.

Novaled,which is already backed by Samsung Group’s venture capital arm Samsung Venture Investment,filed for an initial public offering last year with U.S. regulators.

Bhavish Aggarwal (Photo via his Twitter page)

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