LG Electronics yesterday announced a deal to purchase KTFT. KTFT is the fifth-largest mobile phone maker in South Korea and also makes select models for the US in partnership with UTStarcom. KTFT specializes in developing mobile handsets and outsourcing manufacturing.

While the two companies announced that a general agreement has been made, specifics of the deal were not announced. Details such as acquisition price and timing will be made public later.

South Korea’s top four market share leaders are: Samsung, Pantech, LG and Motorola.

[via PhoneScoop]