Samsung To Purchase Harman For $8 Billion In Automotive Push

Samsung has struck a deal to purchase Harman International Industries in a deal worth about $8 billion.

The electronics company will acquire Harman for $112 per share in cash and gives Samsung a presence in the rapidly-growing market for connected technologies, particularly those in the automotive industry.

Over 30 million vehicles are currently equipped with Harman connected car and audio systems and the brand’s automotive systems are so in demand that in June, it had a $24 billion order backlog.

Samsung’s say the auto industry will benefit greatly from the purchase with future Harman products expected to utilize Samsung’s display technologies, security solutions and 5G network. Samsung devices will also benefit from Harman’s expertise in the audio industry where it owns companies such as JBL, Harman Kardon, Revel and licenses Bowers & Wilkins and Bang & Olufsen in the automotive world.

Discussing the deal, president and chief strategy officer of Samsung Electronics, Young Sohn, said “The vehicle of tomorrow will be transformed by smart technology and connectivity in the same way that simple feature phones have become sophisticated smart devices over the past decade.

“We see substantial long-term growth opportunities in the auto technology market as demand for Samsung’s specialized electronic components and solutions continues to grow. Working together, we are confident that HARMAN can become a new kind of Tier 1 provider to the OEMs by delivering end-to-end solutions across the connected ecosystem.”

PHOTO GALLERY

  • TheHake

    Holy CRAP. $8 billion! I guess Samsung is pretty serious about this.

  • Imjus Sayin

    Hmmmm…..I just hope the speakers don’t explode like their smartphones and washers.

  • Сафиуллина-Мохамед Рамазанов

    is it a monopoly game final level?

  • NoFear

    Bad news.
    RIP Harman…

  • dufonrafal .

    Is it sure this time?
    Because last Samsung was buying Focal and it turned out tonne false.

  • smartacus

    this is a yuuuge big deal.
    Samsung will own Lexicon and Mark Levinson.
    The only high end brands not under the Harman umbrella are Burmester and Bowers&Wilkins

Several States Want To Use Credit Cards At EV Stations, Security Concerns Arise

Most current electric vehicles chargers use an app or secure, contactless payment methods.

Corvette Z06 Driver Does A Mustang By Attempting Burnout, Ending Up In Ditch

The ‘Vette disappears in a cloud of white smoke before crashing in an embarrassing manner.

Red Is So Overrated; Ferrari SF90 Stradale Is Much Better In Azzurro Dino Blue

The SF90 Stradale uses a twin-turbo V8 and three electric motors – and looks stunning in that hue.

Watch A VW Driver Try To Inflate Their Tires With… An EV Charger!

An EV charger looks nothing like an air pump – yet, somehow this driver thought it would do the trick.

You Don’t Have To Be An Aston Martin Fan To Be Mesmerized By The New Vantage

The baby Aston combines killer looks with lots of grunt in a nearly perfect package.

Honda City Car Lets You Take A Hot Bath And Relax While Being Driven Around

This sounds crazy, but with the advent of fully autonomous cars, maybe it’s not such a bad idea after all.

Nissan Willing To Budge To Make Renault Happy Moving Forward

The Japanese carmaker is considering giving its partner seats on oversight committees.

Jaguar I-Pace Recalled Over An Issue With Its High-Tech Brakes

If the regenerative system fails, this could lead to a delay in deceleration and, thus, longer stopping distances .

2019 BMW 2-Series GC Is Quite A Looker In Two-Door Coupe Guise

The 2-Series Gran Coupe will rival the Merc CLA – and a real coupe wouldn’t be such a bad idea after all.

Clean In Japan: Mitsubishi Eclipse Cross Gains 143 HP 2.2L Diesel In Its Homeland

It’s the same 2.2L turbodiesel that’s been already available in Europe, albeit slightly down on power.