In November last year, Samsung Electronics announced that it would spend $8 billion to acquire American auto parts manufacturer Harman International. Recently, Samsung Electronics announced that it has completed the acquisition of Harman International (HARMAN). Although Harman is a company providing automobile solutions, its AKG, JBL and Harman Kardon are all very famous audio equipment manufacturers.

Young Sohn, chief strategic officer of Samsung Electronics and chairman of Harman International, said that this is a historic moment. The completion of this transaction will bring huge growth and opportunities to the market, and our customers around the world will benefit from it. Dinesh Paliwal, President and CEO of Harman International, said that this trade fair will be of great benefit to the company, employees and customers. Samsung and Harman can achieve technology complementarity. Samsung has provided us with a larger platform to expand our leading edge in the automotive, Internet of Vehicles and intelligent audio. We will together promote the future of the automotive industry.

Samsung acquired Harman International with a wholly-owned price of about $8 billion, and the shareholders of Harman International will receive a purchase amount of $112 per share. HARMAN will operate as an independent Samsung subsidiary, with a board of directors led by Young Sohn. Dinesh Paliwal continues to serve as the CEO of Harman International to manage the whole company and is also a member of the Board of Directors.