Samsung completes acquisition of HARMAN, stockholders to get $112.00 per share

Samsung Electronics has completed the previously announced acquisition of Harman International Industries, said a statement. Under the terms of the merger agreement, HARMAN stockholders will receive $112.00 per share in cash

Must Read

How to choose an effective DDoS mitigation plan

There are several flavours from which to choose when selecting an effective DDoS mitigation strategy. Most enterprises opt for one of the protection flavours (always-on or on-demand)

How tech bolster security of online gaming platforms

The rise of and is evident throughout the world’s financial capitals with the UK, US, and a few other European nations at the forefront

Explained: The evolving nature of cybersecurity threats

Concerns such as hacking and the presence of computer viruses have existed for decades in one form or another. As technology evolved over the years, so did the cybersecurity  threats themselves.

Samsung Electronics has completed the previously announced acquisition of International Industries, said a statement. Under the terms of the merger agreement, stockholders will receive $112.00 per share in cash. The completion follows approval of the transaction by stockholders and receipt of regulatory approvals in the United States and in other jurisdictions.

HARMAN’s common stock will cease trading prior to market open on March 13, 2017 and will be delisted from the New York Stock Exchange. HARMAN will operate as a standalone subsidiary, overseen by a Board of Directors led by Sohn.

Paliwal will remain CEO of HARMAN, leading the company with his management team, and will continue to serve as a member of its Board. Samsung is retaining HARMAN’s work force, headquarters and facilities, as well as all of its consumer and professional audio brands.

“The close of this transaction opens the door to create substantial growth opportunities and deliver greater benefits for customers worldwide. We see transformative opportunities in the car – and a future which seamlessly connects lifestyle across automotive, home, mobile and work,” said ,” said Young Sohn, President and Chief Strategy Officer of , and Chairman of the Board, HARMAN.

The acquisition will help Samsung in bringing audio and video products by integrating HARMAN’s audio brands and capabilities with Samsung’s display technologies.

“Recognising the importance of partnerships in an increasingly connected world, particularly in automotive, we are poised to leverage our combined teams and resources to produce even greater value for our customers. Working closely with automakers and other technology companies, Samsung and HARMAN will define – and drive – the future of automotive,” said Dinesh Paliwal, HARMAN President and CEO.

Subscribe to receive the day's headlines from Tech Observer straight in your inbox

Leave a Reply

*The moderation of comments is automated and not cleared manually by techobserver.in. Embedding of any link and use of abusive or unparliamentary language are prohibited.
- Advertisement -

Latest in TECH

Sapience Analytics signs distribution agreement with Redington

Sapience Analytics and Redington said that they have entered into a distribution agreement where latter will resell the Sapience Vue solution through its network of over 30,000 channel partners, system integrators, and value-added resellers countrywide.
- Advertisement -SAP Hana

Related Articles