Harman International Industries is a market leader in the motor vehicle industry when it comes to in-cabin equipment such as infotainment and audio system. An industry that Samsung Electronics forecast to grow to over $100 billion by the year 2025.
It would appear, Samsung want a piece of this action, and has officially disclosed that it intends to acquire the U.S.-based Harman for $112 per share in cash, or total equity share worth $8 billion. The acquisition will also include all the subsidiary companies under Harman International.
“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.” Said Oh-Hyn Kwon, the vice chairman and CEO of Samsung Electronics.
His counterpart, Dinesh Paliwal, the Chairman, President, and CEO of Harman said, “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 …read more
Read more here:: Samsung to acquire Harman at a price tag of $8 billion