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Samsung has officially declared that they are buying the US based audio company Harman on an all-cash basis for $8 billion. This is by far the largest ever acquisition by Samsung that places the company at the epicenter of the automotive tech industry, which Harman has been supplying infotainment products.
Image Credits: The Verge
Samsung states that its expertise in display technologies, advanced UI, and semiconductor fabrication process can create “significant growth opportunities” with Harman’s automotive products. Harman, who already owns a good number of brands, including Harman Kardon, AKG and JBL is expected to double their revenue in the next 5 years. Recently, Harman did finalize large deals with Fiat Chrysler and GM with orders worth $24 billion.
"Harman perfectly complements Samsung in terms of technologies, products and solutions, and joining forces is a natural extension of the automotive strategy we have been pursuing for some time," said Samsung CEO Oh-Hyun Kwon.
Samsung’s acquisition of Harman should bring some competition in the market with the likes of Google and Apple who have already involved themselves in the auto-tech market.