South Korean electronics giant Samsung Electronics to acquire HARMAN for $112.00 per share in cash, or total equity value of approximately $8 billion.
Samsung in a statement told that upon closing the deal, Harman will operate as a standalone Samsung subsidiary, and continue to be led by Dinesh Paliwal and Harman’s current management team. With more than 30 million vehicles currently equipped with its connected car and audio systems, including embedded infotainment, telematics, connected safety and security, Harman is the market leader in the segment.
For this lucrative deal Evercore is serving as financial advisor and Paul Hastings LLP is acting as legal counsel to Samsung. Whereas J.P. Morgan and Lazard are serving as financial advisors and Wachtell, Lipton, Rosen & Katz is acting as legal counsel to Harman.
About Harman International Industries
Headquartered in Stamford, Connecticut, Sidney Harman and Bernard Kardon founded Harman Kardon, in 1953. Harman maintains major operations in the Americas, Europe, as well as Asia. It is an American company that designs and engineers connected products for automakers, consumers and enterprises worldwide, including connected car systems; audio and visual products, enterprise automation; and connected services.
It markets its products under more than twenty brands including AKG Acoustics, AMX, Crown Audio, Harman/Kardon, Infinity, JBL, JBL Professional, Lexicon, Mark Levinson, Martin,Revel, Soundcraft and Studer. The company also licenses Bowers & Wilkins and Bang & Olufsen brands for automotive.
About Samsung Electronics
Samsung Electronics is a South Korean multinational electronics company headquartered in Suwon, South Korea. Samsung Electric Industries was established as an industry Samsung Group in 1969. Its early products were electronic and electrical appliances including televisions, calculators, refrigerators, air conditioners and washing machines.
It is the world’s second largest information technology company by revenue, after Apple. Samsung has been the world’s largest television manufacturer since 2006, and world’s largest manufacturer of mobile phones since 2011. Samsung Electronics has assembly plants and sales networks in 80 countries and employs around 370,000 people.