Samsung Is Buying Harman International Industries for $8 Billion
Samsung Electronics said on Monday it had agreed to buy Harman International Industries for about $8 billion, a deal that enables the South Korean electronics giant to expand its presence in the automotive electronics market.The acquisition would give Samsung ssnlf an immediate foothold in connected technologies, particularly automotive electronics, which the company says has been a strategic priority.More than 30 million vehicles are equipped with Harman's har connected car and audio systems, including embedded infotainment, telematics, connected safety, and security.
Samsung makes $8bn vehicle push with Harman acquisition
Samsung has made an aggressive play for dominance of the in-car entertainment and services market with its $8bn purchase of Harman, putting it on a collision course with Google and Apple which both seeking to make a name for themselves in the competitive sector.Samsung is casting an eye over alternative revenue streams by muscling in on the automotive technology sector with its biggest overseas acquisition to date.At a stroke, the deal will propel Samsung into the top tier of auto technology suppliers and relationships with car giants such as BMW, Volkswagen and General Motors.
Samsung shares rise modestly after $8 billion deal to buy Harman
SEOUL Shares of Samsung Electronics Co Ltd rose modestly in morning trade on Tuesday after the South Korean giant agreed to buy U.S. automotive electronics supplier Harman International Industries in an $8 billion deal.Samsung Electronics shares, which had ended down 2.8 percent on Monday prior to the announcement of the deal, rebounded 0.9 percent in the wider market that was up 0.2 percent as of 0002 GMT.Shares of Harman finished up 25.2 percent to their highest level in over one year overnight, after Samsung agreed to acquire the company at a 28 percent premium to its closing price on Friday.