Samsung to Acquire Connected Car Solutions Company
Nov. 14, 2016—Samsung Electronics and Harman International Industries, a leader in connected car solutions, announced that they have entered into a definitive agreement under which Samsung will acquire Harman for $112 per share in cash or total equity value of approximately $8 billion.
The transaction will give Samsung a significant presence in connected technologies. More than 30 million vehicles are currently equipped with Harman’s connected car and audio systems.
“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-Hyun Kwon, vice chairman and chief executive officer of Samsung Electronics.