Samsung Secures $6.6 Billion Verizon Contract For 5G Equipment

Samsung has gained a $6.6 billion contract to provide network equipment to wireless provider Verizon. The Korean electronics giant will install and maintain equipment for Verizon the company said in regulatory filing Monday.

The order, which was finalized Friday, runs from June 30, 2020 to Dec. 31, 2025, Samsung said in its filing. With this latest long-term strategic contract, we will continue to push the boundaries of 5G innovation to enhance mobile experiences for Verizon’s customers,” Samsung said in a statement.

Samsung had a 3% share of the global telecom market in 2019, well behind market leader Huawei’s 28% share, Nokia’s 16% and Ericsson’s 14%, according to market research firm Dell’Oro Group.

“Samsung has demonstrated their commitment to collaborating with us to drive innovation in 5G and we are excited to expand our relationship with them and benefit from a long-term strategic agreement,” A Verizon spokesperson said.

5G is the next generation of wireless technology rolling out across the world, promising to deliver much faster wireless service and a more responsive network. Its ability to connect more devices and offer real-time feedback is expected to spark a sea change in how we live and work, ushering in new advances like self-driving cars and advanced augmented reality experiences.