Back in November last year Samsung Electronics said that it has agreed to acquire Harman International Industries, Incorporated for $112.00 per share in cash, or total equity value of approximately $8 billion. Today Samsung announced it has completed the acquisition. This is the biggest overseas acquisition ever by a South Korean firm.
The completion follows the satisfaction of all conditions to the closing of the transaction, including approval of the transaction by HARMAN stockholders and receipt of all necessary regulatory approvals in the United States and certain foreign jurisdictions.
In connection with the completion of the transaction, 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. Mr. 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.
Commenting on the announcement, Dinesh Paliwal, HARMAN President and CEO, said:
We are excited to have completed the transaction, which provides compelling cash value to our stockholders, benefits our customers and provides new opportunities for our employees.Samsung shares our commitment to our customers and our culture of speed, innovation and execution.
Working closely with automakers and other technology companies, Samsung and HARMAN will define – and drive – the future of automotive.