Samsung acquires Harman International in $8b mega-deal

posted on Monday, 14th November 2016 by Steve May

Corporate  Samsung  HARMAN 

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Samsung is acquiring Harman International. The surprise development will bring a host of Harman brands, including JBL, AMX, Harman Kardon, Mark Levinson, AKG, Lexicon, Infinity and Revel, under Samsung ownership. 

The deal, worth $8 billion, also gives Samsung a significant presence in the growing market for connected technologies. Harman currently has 8,000 software designers and engineers working on IoT products and cloud-based consumer and enterprise experiences.

Samsung says the combination of Harman’s brands and audio capabilities and its expertise in consumer electronics will deliver “enhanced customer benefits and elevate user experiences across Samsung’s complete portfolio of consumer and professional products and systems.”

Significantly, Harman is also the market leader in connected car solutions, with more than 30 million vehicles currently equipped with its connected car and audio systems. Young Sohn, President and Chief Strategy Officer of Samsung Electronics says Samsung sees “substantial long-term growth opportunities in the auto technology market as demand for Samsung’s specialized electronic components and solutions continues to grow.”  

“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 Oh-Hyun Kwon, Vice Chairman and Chief Executive Officer of Samsung Electronics.  “As a Tier 1 automotive supplier with deep customer relationships, strong brands, leading technology and a recognized portfolio of best-in-class products, Harman immediately establishes a strong foundation for Samsung to grow our automotive platform.”

Harman will act as a Samsung subsidary, retaining its current management team. The deal is expected to complete mid-2017.

Steve May

Inside CI Editor Steve May is a freelance technology journalist, who also writes for T3, TechRadar, Home Cinema Choice and Ideal Home (amongst others).

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