Samsung Electronics on Saturday announced 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.
“The close of this transaction opens the door to create substantial growth opportunities and deliver greater benefits for customers worldwide,” Young Sohn, president and chief strategy officer of Samsung Electronics, and also chairman of the board, Harman said while announcing the merger.
“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.
Recognising the importance of partnerships in an increasingly connected world, particularly in automotive, we are poised to leverage our combined teams and resources to produce even greater value for our customers,” Dinesh Paliwal, Harman president and CEO said.
Post the merger, Harman will operate as a standalone Samsung subsidiary, overseen by a board of directors led by Young Sohn. Dinesh Paliwal will remain CEO of Harman and will continue to serve as a member of its board. “Samsung is retaining Harman’s work force, headquarters and facilities, as well as all of its consumer and professional audio brands,” the South Korean major further announced.
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