Samsung completes Harman buyout
SAMSUNG Electronics Co has completed the previously announced acquisition of Harman International Industries, a US company that designs and engineers connected products for automakers, consumers and enterprises worldwide.
Under the terms of the merger agreement, Harman stockholders will receive US$112 per share in cash. The completion follows the satisfaction of all conditions to the closing of the transaction, including approval of the transaction by Harman stockholders and receipt of all necessary regulatory approvals in the United States and certain foreign jurisdictions.
“Today is a historic moment for us. The close of this transaction opens the door to create substantial growth opportunities and deliver greater benefits for customers worldwide,” said Young Sohn, president and chief strategy officer of Samsung Electronics and chairman of the board Harman said in a news release.
“We see transformative opportunities in the car – and a future which seamlessly connects lifestyle across automotive, home, mobile and work,” he said. “Samsung’s and Harman’s leadership in these spaces perfectly positions Samsung to be the preferred partner to our OEM [original equipment manufacturing] customers.
“In addition, bringing together Harman’s iconic audio brands and capabilities paired with Samsung’s leading display technologies will deliver enhanced audio and video experiences to consumers and professional end markets.
“And most importantly, we are enthusiastic about our common vision, the similarities in our culture of innovation, and the added value we can create for customers. We look forward to working with all of Harman’s employees to execute on our vision.”
Dinesh Paliwal, Harman president and chief executive officer, said: “We are excited to have completed the transaction, which provides compelling cash value to our stockholders, benefits our customers and provides new opportunities for our employees.
“Samsung shares our commitment to our customers and our culture of speed, innovation and execution. Samsung provides Harman with the scale, platform and complementary technologies to accelerate growth and extend our global market leadership in automotive, smart audio and connected technologies.
“Recognising the importance of partnerships in an increasingly connected world, particularly in automotive, we are poised to leverage our combined teams and resources to produce even greater value for our customers. Working closely with automakers and other technology companies,
