Harman to be sold for $8bn

Harman International Industries, which also owns the embedded software developer ONX, is about to be sold to private equity firms Kohlberg Kravis Roberts and GS Capital Partners in a deal valued at about $8 billion. The company will continue to be named Harman International Industries and Dr Sidney Harman, Founder and Executive Chairman, will remain Executive Chairman. The deal is expected to be completed in the third quarter of 2007 subject to shareholders' approval and customary closing conditions and regulatory approvals.