Samsung first announced its intention to acquire Harman International for $8 billion late last year. It’s one of the biggest acquisitions that Samsung has ever made and it’s going to have a significant impact on the company’s vision for the future. Samsung has now announced that it has successfully closed the acquisition of Harman International. The completion of this transaction follows the satisfaction of all conditions including the approval by Harman stockholders and approval from regulatory bodies in the United States and other foreign jurisdictions.
“Today is a historic moment for us. The close of this transaction opens the door to create substantial growth opportunities and deliver greater benefits for customers worldwide,” said Young Sohn, President and Chief Strategy Officer of Samsung Electronics, and Chairman of the Board, Harman.
Samsung is going to leverage Harman’s work in the automotive space as well as its iconic audio brands to provide an even better experience to its customers. We’ve already started to see the fruits of this deal as Samsung’s new Galaxy Tab S3 comes with AKG-tuned audio and the company has already confirmed that AKG earphones will be shipped with the Galaxy S8.
Now that the acquisition has been completed, Harman’s common stock will stop trading prior to market open tomorrow and will subsequently be delisted from the New York Stock Exchange. Harman will now operate as a standalone Samsung subsidiary.
Samsung has announced that it’s retaining all of Harman’s workforce, headquarters, and facilities as well as all of its consumer and professional audio brands.