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Samsung buys connected car specialist Harman for US$8bn

Monday, November 14, 2016 8:41
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(Before It's News)

Shares in Harman International Industries Inc (NYSE:HAR) revved higher as Samsung Electronics swooped to buy the car-focused “Internet of Things” firm for US$8bn.

The South Korean giant is paying US$112 cash for each Harman share as it made its move into what’s called the “connected car” market – cars that can, while on the move, access the internet for music, traffic updates or even diagnosis of engine problems.

With the commercial release of driverless cars seemingly not far over the horizon, Samsung has made its move to get its foot in the door in this potentially lucrative market.

“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,” said Young Sohn, Samsung’s president and chief strategy officer.

The board of Harman is recommending acceptance of the Samsung offer.

Shares in Harman were up 25% at US$110 in early trading.

Story by ProactiveInvestors

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