Samsung Electronics To Acquire Harman For USD 8 Billion

Over 30 million vehicles are estimated to be currently equipped with HARMAN's connected car and audio systems. The electronics giant said HARMAN's in-vehicle technologies and its long-term relationships with most of the world's largest automakers combined with Samsung's expertise in connected mobility, semiconductors, user experience, displays and its global distribution channels will create substantial opportunities for the combined business.

Young Sohn, President and Chief Strategy Officer of Samsung Electronics, 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."

As the world embraces next-generation connected cars, Samsung hopes to leverage HARMAN's leadership in new connected car technologies and its own expertise in connectivity technologies, including 5G, UX/UI, display technology and security solutions, to enhance HARMAN's automotive and connected services businesses to drive greater sales and provide significant benefits.