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Samsung Electronics To Acquire Harman International For Approximately $8.0 Billion
South Korean electronics giant Samsung has announced in an official release that it will acquire the US-based Harman
his Deal Will Combine The Expertise Of Harman’s In-Car Infotainment, Telematics And Sound Management With Samsung’s Prowess In Connected Mobility Solutions, User Experience And Displays.
South Korean electronics giant Samsung has announced in an official release that it will acquire the US-based Harman International Industries for $112.00 per share in cash, or total equity value of approximately $8.0 billion.
All the subsidiaries of Harman International will be acquired by Samsung Electronics. Samsung highlighted that it wanted to get a hold of the growing automotive electronics market and Harman is a leading player when it comes to in-cabin equipment such as infotainment and audio systems. And, according to the South Korean electronic major, this sector will grow to more than $100 billion by 2025. For the uninitiated, Harman also owns the renowned Danish luxury consumer electronics maker Bang & Olufsen’s (B&O) automotive audio business and the American audio electronic company JBL.
Oh-Hyun Kwon, vice chairman and chief executive officer of Samsung Electronics, said, “Harman perfectly complements Samsung in terms of technologies, products and solutions, and joining forces is a natural extension of the automotive strategy we have been pursuing for some time.”
Dinesh Paliwal, Harman chairman, president and CEO, stated, “This compelling all-cash transaction will deliver significant and immediate value to our shareholders and provide new opportunities for our employees as part of a larger, more diversified company. Today’s announcement is a testament to what we have achieved and the value that we have created for shareholders. Samsung is an ideal partner for HARMAN and this transaction will provide tremendous benefits to our automotive customers and consumers around the world.”
Source: cardekho.com
