Samsung’s announcement today morning casts a shadow even on today’s supermoon considering its their biggest acquisition ever. Samsung has annoucned that it will be acquiring US audio company Harman in an all-cash $8 billion (Dh29.39 billion) deal.
Harman which owns other brand such as Harman Kardon, JBL and AKG, is known to supply infotainment technologies to companies like Fiat Chrysler and General Motors and is expected to be doubling its revenue within the next 5 years.
Samsung has been trying to push itself into the automotive world which will put it in competition to companies like Apple and Google. While the market is focused on automotive vehicles, the potential for the infotainment systems doesn’t change for quite a while.
Samsung plans to use Harman’s expertise in displays, user interfaces, and semiconductor technology to create “significant growth opportunities” in the auto-parts business.
“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 Samsung CEO Oh-Hyun Kwon.
For more details on the acquisition, click to see the press release.