Samsung-Harman deal: Harman is now a wholly-owned subsidiary of Samsung

Samsung Electronics has completed the previously announced acquisition of Harman International Industries Inc.

HARMAN will operate as a standalone Samsung subsidiary, overseen by a Board of Directors led by Mr. Dale Sohn. Mr. Dinesh Paliwal will remain the CEO of HARMAN 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.

Under the terms of the merger agreement, Harman  stockholders will receive $112.00 per share in cash. 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 US and certain foreign jurisdictions.

HARMAN’s common stock will cease trading prior to market open on March 13, 2017 and will be de-listed from the New York Stock Exchange.

If you wish to read SBD’s insight and analysis about the acquisition and what it could mean for the automotive industry at large, please read Lee Coleman’s (Head of Connected Car, SBD) article on the same.

Source: Samsung

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