South Korean electronics giant Samsung Electronics Co. announced the purchase of Harman International Industries Inc. The deal will cost $8 billion.
The US automotive technology manufacturer should ensure Samsung’s leading positions in the in-car entertainment market.
The automotive electronics sphere is expanding fast and is expected to grow to $100 billion by 2025. Harman has become a legendary name in audio equipment providing its clients with top-notch products under several brand names such as Harman/Kardon, JBL, AKG, etc. The company is considered the world’s leader in the sphere of digital solutions for cars, including ICE and digital security systems. Holding the Harman shares, Samsung is likely to become one of the leading players in the automotive technologies market.
According to people familiar with the matter, Samsung’s deal with Fiat Chrysler Automobiles NV (FCA) broke down. Negotiations with Harman were way more successful and the sides agreed on the $8 billion sum.
