[Asia Economy Reporter Jeong Hyunjin] Samsung Display has acquired the German startup Cynora, which possesses organic light-emitting diode (OLED) screen technology, for $300 million (approximately 387.1 billion KRW), Bloomberg reported on the 29th (local time), citing multiple sources.
According to the report, as part of this deal, Samsung Display will acquire the intellectual property and technology owned by Cynora. However, the employment of Cynora's engineers will not be transferred. Sources stated that Cynora recently terminated contracts with its employees over the past few weeks for this reason.
Cynora is a company focused on developing high-efficiency blue emitting materials based on thermally activated delayed fluorescence (TADF) technology. Samsung Electronics is producing foldable smartphones, and Bloomberg explained that Cynora possesses specialized technology for manufacturing displays used in foldable devices. Previously, Cynora disclosed that it received an investment of 25 million euros from Samsung and LG in 2017. At that time, Samsung Ventures invested 10 million euros, and LG Display invested 15 million euros.
One source assessed that Cynora was in a situation where its cash reserves were depleting and acquisition was necessary to repay investors. However, Bloomberg reported that neither Samsung nor Cynora responded to requests for comments regarding this deal.
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