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Samsung Electronics to lift stake in Cheil Worldwide for $235 million

Reuters
People are silhouetted as they pose with mobile devices in front of a screen projected with a Samsung logo, in this picture illustration taken in Zenica October 29, 2014. REUTERS/Dado Ruvic/Illustration/File Photo (Reuters)

SEOUL (Reuters) - Samsung Electronics Co Ltd said on Thursday it is buying 267.5 billion won (192.09 million pounds) worth of shares in Cheil Worldwide Inc from Samsung C&T Corp. Samsung Electronics said in a regulatory filing it aims to boost strategic ties with Cheil - an advertising arm of Samsung Group that counts the world's top smartphone maker as key client. Samsung Electronics's stake in Cheil will rise to 25.24 percent following the acquisition. Samsung C&T is selling its entire stake in Cheil through the transaction. (Reporting by Se Young Lee; Editing by Edwina Gibbs)