Samsung announced its acquisition of Harman International, which had been in the works since November of 2016, for a total price of $112 per share. That puts the value of the deal at $8B and instantly gives Samsung popular consumer audio brands Harmon/Kardon, JBL, AKG, and Infinity. Harman International is made up of 16 total brands, but more importantly are its deals with auto manufacturers, BMW, Audi, Toyota, Harley Davidson, Fiat, Mercedes-Benz, Chrysler and Volkswagon.
Samsung is South Korea’s largest company and ranks 20th overall in the world. Most know Samsung for its smartphones, tablets, computers, televisions and appliances with a noticeable lack in automotive products. With the acquisition of Harman International it now can access your home, pocket and now automobile. The automobile is one of the slowest areas to get connected and Samsung is going to leverage Harman’s partnerships with auto manufacturers to make grow its business even more. Apple and Google had a head start at the automobile with products like Android Auto and Apple CarPlay and Samsung didn’t want to get left behind.
Samsung plans on keeping Harman as a subsidiary of Samsung and will retain all 30,000 of its employees headquartered in Stamford, CT. Harman has a worldwide presence with offices throughout the US, Asia, Europe and South America.
Source – Business Wire