South Korean company Samsung entered into a deal with a manufacturer of audio and multimedia car systems Harman.
The deal will amount to $8 billion, or $112 per share. The deal is expected to close by mid-2017, making Harman a subsidiary of Samsung.
The American company Harman is engaged in the production of various high-quality consumer and automotive radio electronics. For Samsung the most interesting was the sphere of automotive multimedia systems. The company's plans have not yet been disclosed, but given the interest of Samsung's competitors, in particular Google и Apple to the automotive industry, it can be assumed that the South Korean giant intends to develop this industry as well. Perhaps by creating their own operating system that links together automotive systems and user electronics.
Harman was founded in 1953 by Sidney Harman and Bernard Kardon. Developments in the field of audio technologies became the basis of its activity. The company cooperates with world leaders in the automotive industry, in particular, its systems are installed on cars bmw, Land Rover, Mini, Mercedes-Benz, Subaru and many others. The company's annual turnover is 7 billion dollars.