OLED microdisplay tech company eMagin has penned a definitive merger agreement with Samsung Display, a subsidiary of the behemoth South Korean tech firm.
eMagin revealed that Samsung will acquire every outstanding share of the company’s common stock for $2.08 per share in cash, which amounts to a total of $218 million.
Since it was established in 2001, eMagin has specialised in OLED-based head-mounted displays. The company’s technology has been utilised in various applications such as VR headsets, aircraft helmets and AR/VR systems.
Andrew G. Sculley, eMagin’s CEO said, “By teaming with Samsung Display, we will be able to achieve the full potential of our next-generation microdisplay technology with a partner that can provide the resources and expertise we will need to scale production.”
Creating a new VR display
The agreement could see OLED microdisplays replace the liquid crystal displays (LCDs) found in many VR headsets we use today. A new type of VR display to come from this merger might be smaller and more energy efficient with higher pixel density.
“We expect XR (Extended Reality) devices to have significant potential of growth in the future, and eMagin’s technology in this space will enable Samsung to offer innovative products to more customers and strengthen its XR-related business,” said the president and CEO of Samsung Display, Joo Sun Choi.
The merger is expected to conclude in the second half of 2023, with eMagin retaining its operations and facilities in Hopewell Junction, NY.