LG InnoTek decided to Exit from Mobile phone business back in Oct 2019 due to major Losses, Post this decision they have offered to sale both their tangible as well as intangible assets (includes patents). While my interest in this deal is to watch the transaction related to Patents, which is almost 10,000 patents out there for a grab! Mainly on Mobile related technologies, wireless charging, LED related, UV technologies, etc.

One of the major impact of any patent related sale, is that it has Mega Power to transform the patent litigation ecosystem, in addition to new product offerings from competition.

Some Updates:

1.As per TheElec, the total number of patents acquired by Suzhou Lekin in relation to LED technology close to 10,000, as per the USPTO, around 1,968 patents relating to LED technology have been transferred from LG InnoTek to Suzhou Lekin- Link

1.Last year LG Innotek sold about 120 patents related to Wireless Charging and other mobile phone related tech to Ireland based non practicing entity “Scramoge Technology – Belongs to Atlantic IP, an Irish patent management company which controls Neodron, Solas OLED & Sonrai Memory, which filed several law suits against Samsung Electronics.

2.LG Electronics factory in Vietnam (LG phone manufacturing initially) will be switching to Home Appliances – Which seems obvious move – The Korea Herald reported that LG Electronics is on track to become the biggest manufacturer of home appliances with record high sales of $6.3 billion in Q2. LG topped main rival Whirlpool in Q1, now in Q2 and analysts expect it will remain on top for the rest of the year””.

3.Apple Korea is trying to lure in current LG owners with a trade-in program, offering KRW 150,000 ($135) towards a new iPhone 12 or 12 mini with some rules (e.g. it needs to be a 4G or 5G phone that you have used for at least a month).

We need to watch this space on more developments and moves by both Irish firm as well as China company which bought the major part of Patent rights. Will keep a watch…