Samsung has turbocharged its ambitions in smart-cars

Samsung Electronics has turbocharged its ambitions in automotives and smart-car technology with the announcement of an $8 billion deal for parts supplier Harman International Industries. The acquisition, if completed, would represent the South Korean group’s biggest deal to date and heralds its entry into a market being pursued by the likes of Google, Apple and SoftBank. Under the agreement, Samsung will acquire Harman for $112 per share in cash — a premium of 27.8 per cent to the target’s closing price on Friday… The US-listed company is a global leader in connected car technology and is known for its high-end multimedia, navigation and visual display systems. Group sales were $7 billion during the 12 months to October and its order backlog as of June was $24 billion… More than 30 million vehicles worldwide are equipped with Harman systems and the company has established relationships with premium automakers such as BMW and Mercedes-Benz.

 

Bryan Harris

Food4Brains

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