The news for Samsung acquisition of Harman was first revealed in mid-November. The biggest acquisition deal in the history of Samsung worth $8 billion.
Harman is US based Audio and infotainment company which is the key vendor of Automotive industry. Almost 45% of US and EU executive cars have been equipped with Harman’s technology.
South Korean Electronics giant has announced today that they have completed the $8 billion acquisition deal of Harman International successfully, the company added, “Harman’s stockholders will receive $112 per share and the deal was approved by US and Foreign regulators.
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Good news for Dinesh Paliwal, the previous CEO of the company will continues to hold his position as CEO in the company. However, the company will be fully owned by Samsung Electronics having 100% of shares. Company’s facilities, headquarters, Employees and its brand will be retained as it is. However, the stocks will be taken down from the New York Stock Exchange and relisted back on March 13.
This acquisition will make Samsung Electronics immediately A class supplier to global automotive industry that use Harman infotainment components e.g. GM.
Samsung will also leverage Harman’s networks to increase its supply of other essentials such as; displays and semiconductors.
Paliwal, said in a statement. “We are excited to have completed this deal, which provides compelling cash value to our stockholders, benefits to our customers, and provides new opportunities for our employees,”
“Samsung’s scale and Harman’s technology, both provides a hybrid platform which will accelerate growth and extend our global market leadership in automotive industry, smart audio, and connected technologies,” Paliwal added. “Understanding the importance of partnerships in an increasingly connected world, particularly in automotive, we are confident to leverage our collective teams and resources to deliver greater value for our customers.
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