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  Business   Companies  14 Nov 2016  Samsung Electronics acquires auto-system maker Harman for $8 bn

Samsung Electronics acquires auto-system maker Harman for $8 bn

AP
Published : Nov 14, 2016, 1:40 pm IST
Updated : Nov 14, 2016, 1:40 pm IST

Harman provides connected cars and audio systems with safety and entertainment features.

Samsung said in a statement that it will pay $112.00 per share in cash for the Stamford, CT.-based company.
 Samsung said in a statement that it will pay $112.00 per share in cash for the Stamford, CT.-based company.

Samsung Electronics says it has agreed to acquire auto-systems maker Harman for $8 billion as the South Korean giant eyes the growing market for connected cars.

Samsung said in a statement that it will pay $112.00 per share in cash for the Stamford, CT.-based company.

 

Overseas acquisitions are high on Samsung's agenda. Last month, the company bought artificial intelligence firm Viv Labs, founded by creators of Apple's Siri. It also recently bought a cloud service company, a mobile payments firm and a connected home startup.

Harman provides connected cars and audio systems with safety and entertainment features. More than 30 million cars are equipped with its auto systems. The majority of its $7 billion in annual sales during the year that ended September 30 came from auto-related technologies.

Tags: samsung, harman, auto-system