Samsung Electronics has completed the previously announced acquisition of Harman International Industries. Under the terms of the merger agreement, Harman stock holders will receive USD 112.00 per share in cash. The completion follows the fulfillment of all conditions to the closing of the transaction, including approval of the transaction by Harman stockholders and receipt of all necessary regulatory approvals in the United States and certain foreign jurisdictions.
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 and will continue to serve as a member of its board. Samsung is retaining Harman's work force, headquarters, and facilities, as well as all of its consumer and professional audio brands. Samsung provides Harman with the scale, platform, and complementary technologies to accelerate growth and extend global market leadership in automotive, smart audio, and connected technologies.