Samsung to acquire Harman for $8 billion

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Samsung has reported that it will acquire computerized items organization Harman International Industries at about $112.00 per share in cash or an aggregate value estimation of around $8 billion. The arrangement is relied upon to shut in mid-2017.

In an official post Samsung mentioned that “Upon closing, the transaction will immediately give Samsung a significant presence in the large and rapidly growing market for connected technologies, particularly automotive electronics, which has been a strategic priority for Samsung, and is expected to grow to more than $100 billion by 2025,”

Samsung has mentioned that the sub-brands under Harman and their technologies will be put into use to its own handsets and other devices in future.

As per the statement given by the company all of these brands under Harman will greatly improve the competitiveness of Samsung mobile, virtual reality, display, and wearable products to deliver a stand apart audio and visual experience for customers.

Harman would work together with Samsung in the automobiles industry as well, where they will integrate their technology expertise with Samsung’s connectivity technologies which includes security solutions, 5G, UX/UI and display technology.

The deals also states clearly that Harman will continue to operate as a standalone Samsung subsidiary which will be led by Paliwal and his team.

“Harman perfectly complements Samsung in terms of technologies, products and solutions, and joining forces is a natural extension of the automotive strategy we have been pursuing for some time,” said Oh-Hyun Kwon, vice chairman and chief executive officer of Samsung Electronics.

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Madhurima Goyal, From ITvoir News Desk

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