New Delhi: Samsung Electronics will acquire Harman International Industries for $8 billion in an all cash deal, making it the biggest overseas acquisition for any South Korean company. Samsung has agreed to pay $112 per share in cash for the American manufacturers of connected car and audio systems.
The South Korean tech-giants plan to push themselves in the auto market, as rivals Apple already has CarPlay and Google’s projects on self-driving cars are underway. With this takeover, Samsung has made pretty clear that they intend to be a part of flourishing connected audio systems in car automobile industry.
Samsung refrained itself from making any significant investments in recent past but with this acquisition, they certainly have announced themselves in the contemporary market.
Harman are also the makers of JBL audio systems which already comes installed in array of heavyweights of car manufacturers like Toyota, BMW and Volkswagen. Samsung will definitely look to expand the partnerships with other car makers as they are looking to strike up a deal with Fiat Chrysler Auto.