Samsung Electronics to buy Harman for $8b in car electronics push

The logo of Samsung Electronics is seen at the company's headquarters in Seoul July 6, 2012. REUTERS/Lee Jae-Won/Files

Samsung Electronics (005930.KS) said on Monday it had agreed to buy Harman International Industries (HAR.N), a leader in connected car solutions, for about $8 billion, marking a major push into the auto-related technology.

Samsung said in a statement it will acquire Harman for $112.00 per share in cash, which represents a premium of 28 percent to Harman’s Friday closing price.

It said the deal would “give Samsung a significant presence in the large and rapidly growing market for connected technologies, particularly automotive electronics, which has been a strategic priority.”

The deal comes at a time when Samsung’s mobile phone business has been hit hard by the disastrous withdrawal of the fire-prone Galaxy Note 7.

Underscoring Samsung’s interest in the auto sector, the electronics giant has had talks with Fiat Chrysler Automobiles (FCA) over a potential sale or partnership for its Magneti Marelli auto parts maker, sources have said.

(Editing by Edwina Gibbs)

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Reuters

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Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.