Samsung Electronics has completed the previously announced acquisition of Harman International Industries.
Under the terms of the merger agreement, Harman shareholders will receive US$112 per share in cash. The completion follows the satisfaction of all conditions to the closing of the transaction, including approval of the transaction by Harman stockholders and receipt of all necessary regulatory approvals in the US 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,” said Young Sohn, president and chief strategy officer of Samsung Electronics, and chairman of Harman.
“We see transformative opportunities in the car – and a future which seamlessly connects lifestyle across automotive, home, mobile and work.
“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.
Dinesh Paliwal, Harman president and CEO, said: “Samsung provides Harman with the scale, platform and complementary technologies to accelerate growth and extend our global market leadership in automotive, smart audio and connected technologies. Working closely with automakers and other technology companies, Samsung and Harman will define – and drive – the future of automotive.”
Harman will operate as a standalone subsidiary, overseen by a board headed by Sohn. Paliwal will remain Harman CEO and a member of the board. Samsung is retaining Harman’s workforce, headquarters and facilities, as well as all of its consumer and professional audio brands which include headphone specialist AKG.
See also: What draws Samsung to Harman?