This is the largest ever acquisition by Samsung and is expected to be closed by Mid 2017.
Earlier today, Samsung announced that it will be acquiring US based audio company 'Harman International' in an all-cash deal of $8 billion. Interestingly, this deal is the largest by the South Korean giant up till now and given Harman's current share price of $87.65, will provide a healthy exit to investors at $112. Also, the deal is expected to be done and dusted by Mid-2017 post which Harman will be the only subsidiary of Samsung. With Harman being the global leader in connected car technology, Samsung looks to enter and grow in the automotive technology industry. Dinesh Paliwal will still head the company (Harman) as CEO and Chairman.
Samsung's Vice Chairman Kwon Oh-Hyun said in a statement - "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,"
Known for its high-end videos, Harman has always been one of the leading players in automotive industry with 65% of the total sales coming from car related products. With ownership of brands like Harman Kardon, AKG, and JBL, the company expects to double its revenue in next five years. On the other hand, this acquisition also means that Samsung will now compete with the likes of Apple and Google though both of them are concentrating more on self-driving cars.
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