Nov 29, 2016 06:40 AM EST By Raymond Crisostomo, UniversityHerald Reporter

Local reports in South Korea said that the tech giant Samsung is selling its PC business and Printer manufactory to competitors like HP and Lenovo.

According to a local South Korean publication The Bell, the tech giant is under a negotiation deal with its Chinese counterpart, Lenovo, upon selling its PC business. The company is reported to settle with Freshfields Bruckhaus Deringer representing Lenovo and Paul Hastings, hired as the legal advisor of Samsung for the business deal.

A former senior executive from Samsung also said that its PC and printing industry is becoming unprofitable. If the negotiation closes a deal, Lenovo would have to pay more than $850 million to Samsung in order to acquire its PC business.

"Considering the close business relationship between PCs and printers, it seems quite obvious that Samsung, after its PC business sell-off, is withdrawing from the PC market," the former executive from Samsung said.

On the other hand, Samsung is also withdrawing in the printing business selling its multifunctional printers’ patent to HP for a $1 billion deal. The agreement has already been approved in October.

On a report from ZDnet, Samsung will still continue to sell printers under the Samsung brand but it would be sourced from HP. The two companies will have an open-market purchase. HP will also be gaining 6,500 printing patents and would employ engineers and researches for laser printing, imaging electronics to be coupled in the printing devices.

Since making of smartphones and handsets, the tech company’s sale on desktop and notebooks have seen on a gradual deterioration in the market. The sales also on Samsung PC and Printers went downhill for the past two years.

Amidst Samsung selling its unprofitable business, the tech company is currently acquiring great partnerships from other tech brands like Viv and Harman. Samsung has acquired the technology of Viv in voice assistant developing for Samsung Galaxy S8 while venturing in component making from Harman.

Following the report, Samsung has denied the claims in an official statement, saying, "the rumor is not true."

See Now: Covert Team Inside Newsweek Revealed as Key Players in False Human Trafficking Lawsuit