Samsung Electronics has completed its acquisition of Harman, a connected car components maker.
The purchase was first announced last autumn, signalling a significant investment into the smart car market for Samsung. The deal was valued at approximately $8 billion dollars; in announcing its completion, Samsung says the deal has ultimately seen payouts to Harman shareholders of $112.00 per share.
Harman’s smart car technology appears to dovetail with Samsung’s emerging technological pursuits. Rival electronics companies like Apple have been working to explore potential links between cars and other Internet of Things devices including smartphones, and Harman in particular has also explored biometric technology, an area of growing interest to Samsung. Commenting on the deal’s closure in a statement, Samsung Electronics President Young Sohn his company sees “transformative opportunities in the car – and a future which seamlessly connects lifestyle across automotive, home, mobile and work.”
Sohn is now the Chairman of Harman’s board of directors, with the company proceeding as a standalone subsidiary of Samsung.