Samsung Has Confirmed Acquisition of HARMAN to Drive Growth in Automotive Technology
Samsung and HARMAN take confirmed to accept entered into a definitive understanding that will let the latter to be acquired for $8 billion USD. With Samsung's grip already tightened around a cord of industries, the acquisition of HARMAN will let information technology to tap into the automotive and connected technologies sector, so permit us dig right in and talk most how the tech giant could get a major player in this growing industry.
HARMAN Beingness a Market Leader in Connected Motorcar Solutions Definitely Caught the Eye of Samsung – Korean Giant Expected to Grow Significantly by 2025
Samsung will acquire HARMAN for $112.00 per share in greenbacks, or total disinterestedness value of approximately $eight.0 billion. After the transaction has been successfully completed, the Korean firm would have gained a awe-inspiring presence in the ever-growing market of connected technologies. Automotive and connected technologies have been a strategic involvement to Samsung, and the company is expected to grow more $100 billion in this sector by the year 2025. Now why did HARMAN come up into the company's crosshairs?
The answer is rather simple; HARMAN is currently the marketplace leader in connected motorcar solutions, with more than 30 million vehicles currently equipped with its connected car and audio systems, which also includes the post-obit:
- Embedded infotainment
- Telematics
- Continued rubber and security
To put things in perspective of how HARMAN is actually influencing the market place of connected technologies, 65 percentage of HARMAN's $7.0 billion reported sales during the 12 months concluded September 30, 2022, are automotive-related, and its order backlog for this market place at June thirty, 2022 was approximately $24 billion.
Oh-Hyun Kwon, Vice Chairman and Master Executive Officer of Samsung Electronics has stated that HARMAN is similar to Samsung when information technology comes to influencing markets and both companies joining forces volition bring together a revolutionary change:
"HARMAN perfectly complements Samsung in terms of technologies, products and solutions, and joining forces is a natural extension of the automotive strategy nosotros have been pursuing for some fourth dimension. As a Tier 1 automotive supplier with deep client relationships, strong brands, leading technology and a recognized portfolio of all-time-in-class products, HARMAN immediately establishes a strong foundation for Samsung to grow our automotive platform. Dinesh Paliwal is a proven global leader and, in our extensive discussions, we have developed deep respect for him, his stiff senior leadership team and HARMAN's talented employees. HARMAN's sustained track record of rapid growth fueled by engineering leadership and an unmatched automotive order pipeline reflects its commitment to innovation and customers."
The transaction is going to be subject to approval past HARMAN shareholders, regulatory approvals, and other customary closing conditions, and volition be expected to shut in mid-2017. What are your thoughts on Samsung'due south latest acquisition to tap into the automotive and continued technologies category? Tell us your thoughts right away.
Source
Source: https://wccftech.com/samsung-acquires-harman/
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