Samsung Electronics to buy Harman for $8 billion in car electronics push

Samsung said in a statement it will acquire Harman for $112.00 per share in cash

Reuters November 14, 2016
Samsung Electronics to buy Harman PHOTO: AFP

Samsung Electronics said on Monday it had agreed to buy Harman International Industries, a leader in connected car solutions, for about $8 billion, marking a major push into the auto-related technology.

Samsung offers refund, exchange for Pakistani Note 7 users

Samsung said in a statement it will acquire Harman for $112.00 per share in cash, which represents a premium of 28 per cent to Harman's Friday closing price. It said the deal would "give Samsung a significant presence in the large and rapidly growing market for connected technologies, particularly automotive electronics, which has been a strategic priority."

The deal comes at a time when Samsung's mobile phone business has been hit hard by the disastrous withdrawal of the fire-prone Galaxy Note 7.

Samsung raided over probe into S. Korea political scandal

Underscoring Samsung's interest in the auto sector, the electronics giant has had talks with Fiat Chrysler Automobiles (FCA) over a potential sale or partnership for its Magneti Marelli auto parts maker, sources have said.


Replying to X

Comments are moderated and generally will be posted if they are on-topic and not abusive.

For more information, please see our Comments FAQ


Most Read