Samsung completes Harman...

Samsung has completed its acquisition of Harman in a deal worth $8 billion and the biggest acquisition in the electronics giant's history.

The completion, announced on March 12, will see Harman stockholders receive $112 per share in cash.

Young Sohn, president and chief strategy officer of Samsung Electronics and chairman of the board at Harman, described the deal as an historic moment for the company.

The close of this transaction opens the door to create substantial growth opportunities and deliver greater benefits for customers worldwide, he continued.

Samsung is still largely focused on Harman's strength in automotive and the opportunities the merger will offer for a push into the IoT.

We see transformative opportunities in the car and a future which seamlessly connects lifestyle across automotive, home, mobile and work, said Sohn. Samsung's and Harman's leadership in these spaces perfectly positions Samsung to be the preferred partner to our OEM customers.

In addition, bringing together Harman's iconic audio brands and capabilities paired with Samsung's leading display technologies will deliver enhanced audio and video experiences to consumers and professional end markets.

Dinesh Paliwal, Harman President and CEO, will retain his position and Harman will operate as a standalone Samsung subsidiary.

Samsung provides Harman with the scale, platform and complementary technologies to accelerate growth and extend our global market leadership in automotive, smart audio and connected technologies, he said.

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.

The Harman subsidiary will be overseen by a board of directors led by Mr Sohn. Samsung intends to retain Harman's work force, headquarters and facilities, as well as all of its consumer and professional audio brands.

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