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.
Already a subscriber? Log in
The Star Festive Promo: Get 35% OFF Digital Access
Cancel anytime. Ad-free. Unlimited access with perks.
