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Samsung is buying Harman for $8B to further its connected car push
Samsung is buying Harman for $8B to further its connected car push
Samsung is increasing its focus on the connected car after the Korean firm announced plans to buy auto and audio product maker harman in all cash deal worth $8 billion.

YOu may best associate the name with audio equipment, but harman is big on cars, too. The acquistion is Samsung’s largest to date and a big deal for its automotive ambitions. Around 65 percent of Harman’s sales – which totaled $7 billion over the last year – were for car-related products. Samsung added that Harman products, which included connected car devices and audio systems, are installed in an estimated 30 millon vehicles worldwide.

Samsung lags Google and Apple on in-car entertainment and software systems (Android AUuto and Apple CarPlay, respectively) so this deal will give it the kind of reach that could allow it to compete more evenly with its rivals inside the car.

Harman perfectly complements Samsung in terms of techonolgoies, products and solutions, and joining forces is a natural extension of the automotive strategy we have been pursuing for some time, Oh-Hyun Kwon, Vice Chairman and Chief Executive Officer of Samsung Electronics, said in a statement.

Terms of the deal wil lsee Samsung pay$112,00 per share. That’s healythy premium on Harman’s current share price of $87.65, and it gives the deal a total vaule of approcimately $8 billion. The transaction is expeected to close by mid-2017, at which time Harman will become a standalone subsicdiary of Samsung. Dinesh Paliwal will continue to lead the firm as its Chairman, President and CEO, both Harman and Smasung said.

Samsung is an ideal partner for Harman and this transaction will provide tremendous benefits to our sutomotive cusdtomers and consumers around the world, Paliwal added via caaned comment.

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