For $8 billion dollars, Harman International Industries is being bought by the tech-giant company, Samsung Electronics. The deal involves nothing but cash.
The acquisition made by Samsung is the biggest deal overseas made by a South Korean firm and will place them on the map of the rapidly growing market for connected technologies.
Harman is the global leader in connected car technology and audio innovations.
Through the acquisition, it will pave the way to “significant growth opportunities” for both by leveraging its expertise in user experience, displays, semiconductors, and connected mobility.
Young Sohn, President and Chief Strategy Officer of Samsung Electronics cited, “The vehicle of tomorrow will be transformed by smart technology and connectivity in the same way that simple feature phones have become sophisticated smart devices over the past decade”.
With this, expect that Samsung and Harman to penetrate the market through its next-generation connected cars and enhanced audio, and visual experience for customers.
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