Samsung to acquire Harman for US$8bil cash

Kwon: ‘Harman perfectly complements Samsung in terms of technologies, products and solutions.’ – Bloomberg

SEOUL: Samsung Electronics Co agreed to buy Harman International Industries Inc for about US$8bil to expand in connected automobiles and reduce its reliance on a slowing smartphone market.

The cash offer values Harman shares at US$112 apiece, Suwon, South Korea-based Samsung said in a statement. The offer is 28% above Harman’s closing price of US$87.65 in New York last Friday.