As expected, Samsung Electronics has announced it has officially completed its previously announced acquisition of Harman International. The automotive and consumer electronics company was purchased by Samsung for approximately $8 billion in cash. The now former Harman stockholders will receive $112 for each of their shares.See also: Samsung: Harman audio tech could appear in 2018’s Galaxy S devices November 21, 2016
Even though Samsung now owns Harman, the company will continue to be run as a stand alone Samsung subsidiary. It will still have its own board of directors, which will have Young Sohn, the President and Chief Strategy Officer of Samsung [...]
Samsung recently partnered with audio and auto tech manufacturer Harman, sparking rumors that the South Korean company was gearing up to produce its own cars. Samsung has denied that claim, stating that it’s only automobile interest concerns in-car IoT solutions. However, a Samsung executive has suggested that Harman’s audio technology could feature in its 2018 smartphones.
Speaking at a news conference in Seoul, Jonghwan Park, executive vice president and head of Samsung’s car components division, said: “It will take time for the acquisition process to be completed, including the planned shareholders’ vote. After that, we could ramp up efforts for business synergies. [...]