Samsung Electronics announced that it has formally completed the acquisition of Harman International Industries in an $8 billion deal with the automotive technology manufacturer. Joining forces with Harman “is a natural extension of the automotive strategy we have been pursuing for some time,” according to Samsung. Under the strategic agreement, Harman stockholders will receive $112.00 per share in cash even as it provides Samsung “a significant market presence” in connected technologies.
We see transformative opportunities in the car – and a future which seamlessly connects lifestyle across automotive, home, mobile and work. We are enthusiastic about our common vision, the similarities in our culture of innovation, and the added value we can create for customers. We look forward to working with all of Harman’s employees to execute on our vision,” he added.
Samsung provides Harman with the scale, platform and complementary technologies to accelerate growth and extend our global market leadership in automotive, smart audio and connected technologies.
Samsung is retaining Harman’s work force, headquarters and facilities, as well as all of its consumer and professional audio brands.