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Samsung has confirmed the rumored acquisition of QD Vision as the company looks to strengthen its quantum dot display technology unit.

As reported by Sam Mobile, the deal was confirmed by Samsung's Advanced Institute of Technology chief Jung Chil-hee, who told reporters that QD Vision has become part of the South Korean tech giant's portfolio.

The acquisition is expected to be formally announced next week.

No financial details have been disclosed, however, South Korean news agency Yonhap values the deal at approximately $70 million.

Lexington, MA-based QD Vision, previously known as Color IQ, is a specialist in quantum dot display technology. Developed for displays including PC monitors and television sets, quantum dot technology uses semiconductor nanoparticles to change the properties of quantum dots, improving color definition and sharpness.

Displays based on quantum dot technologies tend to offer better picture quality and are also cheaper to manufacture than organic light-emitting diode (OLED) television sets.

QD Vision will become part of Samsung's research and development unit in the hope of creating quantum dot LED (QD LED) displays suitable for the consumer market which could, in turn, become a strong competitor against OLED displays.

The acquisition is the first major deal completed since Samsung Vice Chairman Lee Jae-yong, heir apparent, joined the Samsung board last month. The agreement follows Samsung's pledge earlier this year to launch a total of 14 SUHD television models this year, all of which use quantum dot technology.

Samsung could do with some good press to calm investors. The company has experienced a harrowing few months with the recall of the Samsung Galaxy Note 7 line due to reports of the device catching fire. Samsung has ceased production of the mobile device and is investigating the cause.

Separately, the company's headquarters, based in Seoul, has been raided alongside the national pension fund in connection with allegations that South Korean president Park Geun-hye, pressured the fund to accept a Samsung merger between Samsung's construction unit, Samsung C&T, and Cheil Industries. The deal went through despite protests from shareholders.