Samsung has announced that it is Harman in a deal which is worth $8 billion, the deal will see Samsung pay around $112.00 per share in cash.
Harman makes connected solutions for cars and they are partnered with some of the worlds top car makers which include, Porsche, BMW, Mercedes, Land Rover, Ferrari, Lamborgini, Bentley, Audi and many more.
Samsung Electronics and Harman International Industries, Incorporated today announced that they have entered into a definitive agreement under which Samsung will acquire HARMAN for $112.00 per share in cash, or total equity value of approximately $8.0 billion. Upon closing, the transaction will immediately give Samsung a significant presence in the large and rapidly growing market for connected technologies, particularly automotive electronics, which has been a strategic priority for Samsung, and is expected to grow to more than $100 billion by 2025¹ . HARMAN is the market leader in connected car solutions, with more than 30 million vehicles currently equipped with its connected car and audio systems, including embedded infotainment, telematics, connected safety and security. Approximately 65% of HARMAN’s $7.0 billion of reported sales during the 12 months ended September 30, 2016 are automotive-related, and its order backlog for this market at June 30, 2016 was approximately $24 billion.
You can find out more information about the deal between Samsung and Harman over at Samsung’s website at the link below.
Source SamsungFiled Under: Technology News