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. The completion follows approval of the transaction by HARMAN 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 Samsung 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 Samsung Electronics, 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.