Samsung has announced plans to buy Stamford-based HARMAN International Industries, Inc. in an $8 billion cash deal.
HARMAN manufactures safety and entertainment features on connected cars and about 30 million vehicles on the road are equipped with their audio systems. The move comes as the South Korean-based Samsung tries to grow its stake in the connected car market.
Samsung will pay $112 per share. Samsung said that when the deal closes, HARMAN will operate as a stand-alone subsidiary and maintain its current management team, and that they plan to keep HARMAN’s workforce, headquarters and facility intact. Both companies said the combination will increase career development and advancement opportunities for employees.
“This compelling all-cash transaction will deliver significant and immediate value to our shareholders and provide new opportunities for our employees as part of a larger, more diversified company,” HARMAN Chairman, President and CEO Dinesh Paliwal said in a press release.
