Samsung completes acquisition of Harman
Samsung Electronics Completes Acquisition of HARMAN
Samsung Electronics has completed its acquisition of Harman International Industries. The completion follows approval by regulators in the U.S. and beyond, and by Harman stockholders, who will receive $112 per share.
Harman designs and engineers connected products and solutions for automakers, consumers, and enterprises worldwide, including connected car systems, audio and visual products, enterprise automation solutions; and connected services.
“This merger opens the door to substantial growth opportunities and greater benefits for our customers worldwide,” said Young Sohn, President and Chief Strategy Officer of Samsung Electronics, and Chairman of the Board at Harman. “We see transformative opportunities in the car – and a future which seamlessly connects lifestyle across automotive, home, mobile and work”.
The merger with Harman perfectly positions Samsung to be the preferred partner of its OEM customers, Mr. Sohn went on. Joining Harman’s iconic audio brands and capabilities with Samsung’s leading display technologies will enhance the audio and video experiences of consumers and professionals worldwide, he said.
Following the merger, Harman stock will be delisted from the NYSE, but the company will continue to operate as a standalone unit within the Samsung group, retaining its CEO, personnel, headquarters and various audio brands.
Image: Sixteen Left, CC BY-SA 2.0
| 11/03/2017 | Frank Jacobs