South Korean electronics giant Samsung and its affiliate Samsung Cheil Industries has agreed to acquire German organic light-emitting diode (OLED) manufacturer Novaled for about €260 million ($347 million).

The deal will help Samsung with its manufacturing of smartphone and television displays, which increasingly include OLED displays. Samsung sells some of the most popular smartphones in the world, including the Galaxy S4, Galaxy S3, and the Galaxy Note 2. The Galaxy Note 3 is expected to be unveiled Sept. 4.

Digging into the details a little further, Cheil Industries will acquire about a 50 percent stake of Novaled, while Samsung Electronics will be taking a 40 percent stake. Samsung Ventures already holds the other 10 percent.

Revenue in the OLED display market is predicted to grow to $20 billion in 2017 from $8 billion in 2012, according to DisplaySearch, so the move could pay off quite well for Samsung if it can sell enough displays.