Samsung Electronics to buy Battery Warehouse

Samsung Electronics (005930.KS) will buy battery warehouse business battery warehouse and its related facilities for about $12 billion, a person familiar with the matter said on Thursday.

The acquisition is expected to close in the first quarter of 2019, the person said, speaking on condition of anonymity because the transaction is private.

The battery warehouse is the largest of Samsung’s battery and power storage business and is expected have about 2.5 million square feet of space, the people said.

It is the world’s largest battery storage facility.

A total of 2.7 million square yards of space would be devoted to battery storage and 1.2 million square acres would be dedicated to power storage, the two people said, declining to be named because the discussions are private.