Samsung Electronics announced it has completed the acquisition of Harman International Industries.
Harman is engaged in designing and engineering of connected car systems, audio and visual products. It also provides enterprise automation solutions and connected services.
Under the terms of the deal, Samsung will $112.00 per share in cash to Harman stockholders.
In a statement, Samsung said the acquisition received approvals from Harman stockholders and regulatory authorities in the United States and certain foreign jurisdictions.
“Today is a historic moment for us. The close of this transaction opens the door to create substantial growth opportunities and deliver greater benefits for customers worldwide,” Young Sohn, president and chief strategy officer of Samsung Electronics, said in the statement.
Following the completion of the acquisition, Sohn became chairman of Harman.
In connection with the completion of the deal, Harman’s common stock will cease trading prior to market open on March 13. Its stock will be delisted from the New York Stock Exchange.
Samsung said that Harman will operate as its standalone subsidiary, overseen by a board of directors led by Sohn.
The electronics giant said that it is retaining Harman’s workforce, headquarters, and facilities, as well as all of its consumer and professional audio brands.
Sohn added that Samsung sees “transformative opportunities in the car – and a future which seamlessly connects lifestyle across automotive, home, mobile and work.”
He continued: “Samsung’s and Harman’s leadership in these spaces perfectly positions Samsung to be the preferred partner to our OEM customers. In addition, bringing together Harman’s iconic audio brands and capabilities paired with Samsung’s leading display technologies will deliver enhanced audio and video experiences to consumers and professional end markets. And most importantly, we are enthusiastic about our common vision, the similarities in our culture of innovation, and the added value we can create for customers. We look forward to working with all of HARMAN’s employees to execute on our vision.”
Photo Credit: Samsung