Samsung to acquire Harman for $8 billion

Samsung Electronics and Harman International Industries, Incorporated has announced that they have entered into a definitive agreement under which Samsung will acquire Harman to accelerate growth in automotive and connected technologies.

Harman International Industries, Incorporated is an American company known for its connected car solutions, with more than 30 million vehicles currently equipped with its connected car and audio systems, including embedded infotainment, telematics, connected safety, and security.

The acquisition, which is set at $112PHP 6,573INR 9,492EUR 107CNY 815 per share in cash, or total equity value of approximately $8PHP 469INR 678EUR 8CNY 58 billion, will bolster both company’s portfolios in consumer and professional products and systems, including the automotive platform.

“We see substantial long-term growth opportunities in the auto technology market as demand for Samsung’s specialized electronic components and solutions continues to grow. Working together, we are confident that HARMAN can become a new kind of Tier 1 provider to the OEMs by delivering end-to-end solutions across the connected ecosystem.” said Young Sohn, President and Chief Strategy Officer of Samsung Electronics.

“Combining Samsung’s strengths in leading-edge displays, connectivity and processing solutions with HARMAN’s technology leadership and long-standing customer relationships will enable OEMs to provide new offerings for their customers.” said Dinesh Paliwal, HARMAN Chairman, President and CEO.

source: Samsung