{"id":12174,"date":"2017-03-10T17:25:27","date_gmt":"2017-03-10T22:25:27","guid":{"rendered":"http:\/\/news.samsung.com\/us\/?p=12174"},"modified":"2019-06-18T21:44:08","modified_gmt":"2019-06-19T01:44:08","slug":"samsung-electronics-completes-acquisition-harman","status":"publish","type":"post","link":"https:\/\/news.samsung.com\/us\/samsung-electronics-completes-acquisition-of-harman\/","title":{"rendered":"Samsung Electronics Completes Acquisition of HARMAN"},"content":{"rendered":"

SEOUL, Korea and STAMFORD, Conn.\u00a0\u2013 March 10, 2017 \u2013<\/strong> <\/span>Samsung Electronics Co., Ltd.<\/strong><\/a> (KRX: 005930) (\u201cSamsung\u201d) today announced it has completed the previously announced <\/a>acquisition of Harman International Industries<\/strong><\/a>, Incorporated (\u201cHARMAN\u201d). 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 United States and certain foreign jurisdictions.<\/p>\n

\"\"<\/a>\u201cToday 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,\u201d said Young Sohn<\/a>, President and Chief Strategy Officer of Samsung Electronics, and Chairman of the Board, HARMAN.<\/strong> \u201cWe see transformative opportunities in the car \u2013 and a future which seamlessly connects lifestyle across automotive, home, mobile and work. Samsung\u2019s and HARMAN\u2019s leadership in these spaces perfectly positions Samsung to be the preferred partner to our OEM customers. In addition, bringing together HARMAN\u2019s iconic audio brands and capabilities paired with Samsung\u2019s leading display technologies will deliver enhanced audio and video experiences to consumers and professional end markets. And most importantly, we are enthusiastic about our common vision, the similarities in our culture of innovation, and the added value we can create for customers. We look forward to working with all of HARMAN\u2019s employees to execute on our vision.\u201d<\/p>\n

\u201cWe are excited to have completed the transaction, which provides compelling cash value to our stockholders, benefits our customers and provides new opportunities for our employees,\u201d said Dinesh Paliwal, HARMAN President and CEO.\u00a0<\/strong> \u201cSamsung shares our commitment to our customers and our culture of speed, innovation and execution.\u00a0 Samsung provides HARMAN with the scale, platform and complementary technologies to accelerate growth and extend our global market leadership in automotive, smart audio and connected technologies. Recognizing the importance of partnerships in an increasingly connected world, particularly in automotive, we are poised to leverage our combined teams and resources to produce even greater value for our customers. Working closely with automakers and other technology companies, Samsung and HARMAN will define \u2013 and drive \u2013 the future of automotive.\u201d<\/p>\n

\"\"<\/a>In connection with the completion of the transaction, HARMAN\u2019s common stock will cease trading prior to market open on March 13, 2017 and will be delisted from the New York Stock Exchange. HARMAN will operate as a standalone Samsung subsidiary, overseen by a Board of Directors led by Mr. Sohn. Mr. Paliwal will remain CEO of HARMAN, leading the Company with his management team, and will continue to serve as a member of its Board. Samsung is retaining HARMAN\u2019s work force, headquarters and facilities, as well as all of its consumer and professional audio brands.<\/p>\n

https:\/\/img.us.news.samsung.com\/us\/wp-content\/uploads\/2017\/03\/15150819\/Samsung-Harman-Accelerating-Growth-in-Automotive-and-Connected-Technologies.mp4<\/a><\/video><\/div>\n
\n

Investor Contacts:<\/strong>
\nFor Samsung<\/em>
\nOh-Hyung Kwon
\n+82 (0) 2-2255-8134
\n ohhyung.kwon@samsung.com<\/a><\/p>\n

Media Contacts:<\/strong>
\nFor Samsung<\/em>
\nJim Barron or Devin Broda
\nSard Verbinnen & Co
\n1-212-687-8080
\n SamsungMedia@sardverb.com<\/a><\/p>\n

For HARMAN<\/em>
\nJamie Moser, Andrew Siegel or Joseph Sala\u2028Joele
\nFrank, Wilkinson Brimmer Katcher
\n1-212-355-4449<\/p>\n","protected":false},"excerpt":{"rendered":"

SEOUL, Korea and STAMFORD, Conn.\u00a0\u2013 March 10, 2017 \u2013 Samsung Electronics Co., Ltd. (KRX: 005930) (\u201cSamsung\u201d) today announced it has completed the previously announced acquisition of Harman International Industries, Incorporated (\u201cHARMAN\u201d). 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 […]<\/p>\n","protected":false},"author":84,"featured_media":12218,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[29718,17557,29739],"tags":[912,5823,480],"blue-badge":[],"class_list":["post-12174","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-product","category-semiconductor","category-product-semiconductor","tag-acquisition","tag-harman","tag-young-sohn"],"acf":{"turn_off_retargeting":false},"fimg_mobile_url":"https:\/\/img.us.news.samsung.com\/us\/wp-content\/uploads\/2017\/03\/14161952\/HARMAN_Web-top-banner_1170x510_2.jpeg","fimg_url":"https:\/\/img.us.news.samsung.com\/us\/wp-content\/uploads\/2017\/03\/14161952\/HARMAN_Web-top-banner_1170x510_2.jpeg","primary_category":{"term_id":29718,"name":"Product","slug":"product","term_group":0,"term_taxonomy_id":29718,"taxonomy":"category","description":"","parent":0,"count":2461,"filter":"raw","term_link":"https:\/\/news.samsung.com\/us\/category\/product\/","term_path":"product"},"badge":false,"_links":{"self":[{"href":"https:\/\/news.samsung.com\/us\/wp-json\/wp\/v2\/posts\/12174","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/news.samsung.com\/us\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/news.samsung.com\/us\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/news.samsung.com\/us\/wp-json\/wp\/v2\/users\/84"}],"replies":[{"embeddable":true,"href":"https:\/\/news.samsung.com\/us\/wp-json\/wp\/v2\/comments?post=12174"}],"version-history":[{"count":0,"href":"https:\/\/news.samsung.com\/us\/wp-json\/wp\/v2\/posts\/12174\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/news.samsung.com\/us\/wp-json\/wp\/v2\/media\/12218"}],"wp:attachment":[{"href":"https:\/\/news.samsung.com\/us\/wp-json\/wp\/v2\/media?parent=12174"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/news.samsung.com\/us\/wp-json\/wp\/v2\/categories?post=12174"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/news.samsung.com\/us\/wp-json\/wp\/v2\/tags?post=12174"},{"taxonomy":"blue-badge","embeddable":true,"href":"https:\/\/news.samsung.com\/us\/wp-json\/wp\/v2\/blue-badge?post=12174"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}