Samsung Electronics completes acquisition of Harman

The completion follows the satisfaction of all conditions to the closing of the transaction, including approval of the transaction by Harman stockholders and receipt of all necessary regulatory approvals. “We see transformative opportunities in the car – and a future which seamlessly connects lifestyle across automotive, home, mobile and work. Samsung’s and Harman’s leadership in these spaces perfectly positions Samsung to be the preferred partner to our OEM customers. In addition, bringing together Harman’s iconic audio brands and capabilities paired with Samsung’s leading display technologies will deliver enhanced audio and video experiences to consumers and professional end markets,” said Young Sohn, President and Chief Strategy Officer of Samsung Electronics, and chairman of the board, Harman. Harman will operate as a standalone Samsung subsidiary, overseen by a Board of Directors led by Young Sohn. Dinesh Paliwal will remain CEO of Harman, leading the Company with his management team, and will continue to serve as a member of its Board. Samsung is retaining Harman’s workforce, headquarters and facilities, as well as all of its consumer and professional audio brands.