Samsung Completes $8 Billion Harman Acquisition
Samsung has already revealed a while back that it will acquire Harman International. Now, the Galaxy-maker has announced that the acquisition has finally reached its completion. With an $8 billion cash deal, the automotive and consumer electronics company is now owned by Samsung. Former stockholders of Harman will be receiving $112 per share.
Nevertheless, the acquisition won't merge the two companies as a whole. Harman will be a standalone company with its own board of directors. It will have Samsung Electronics President / CSO Young Sohn as its chairman and retain all of Harman's workforce and facilities. This includes Dinesh Paliwal who will be keeping his role as the company's CEO. Harman's brands will likewise move forward as usual, including the audio brand Harman/Kardon that has been used in a number of PCs, tablets, and smartphones.
Samsung did share that its main interest in Harman is the latter's automotive business, which provides Harman majority of its revenue. Nevertheless, it's also safe to assume that Samsung can likewise find a good use for the acquired company's audio technology. Android Authority said that there's a good chance that Harman's audio tech could also reach Samsung's smartphones at some point.
Both Samsung and Harman have shared their optimisms about the acquisition. Samsung's Sohn said that the company sees "transformative opportunities" in automotive, mobile and home industries. Harman's Paliwal, on the other hand, said that they are likewise excited that the transaction has finally completed. The executive expressed his joy regarding the "compelling cash value" for the stockholders, the new opportunities for Harman's employees and the undeniable benefits for its customers.
Now that the acquisition has been completed, Harman's common stock will stop trading until the March 13 market-open. It would also be removed from the New York Stock Exchange. For those who are unaware of Harman's background, this company engineers and designs connected products for automakers, enterprises, and consumers. As per Business Wire, more than 25 million autos of today have Harman's audio and connected car systems. The company then has a workforce of around 30,000 people worldwide.
Pinterest Acquires Jelly, A Q&A Startup Created By Twitter's Biz Stone
Pinterest now teams up with Jelly via a company acquisition. The two companies are expected to improve visual search engine technology.
Samsung Released 31 New Smartphones Last Year, Beats Direct Competitions
Samsung beats Apple, Lenovo, LG and more when it comes to number of smartphones released last year.
Samsung Acquires Perch To Grow Its 'Internet Of Things' Business
Perch has now joined Samsung's team to help the latter's IoT business grow.
The Samsung Galaxy Note 20's Exynos 922 Will Have The Newest CPU and GPU Designs From ARM
Samsung's upcoming Galaxy Note 20 looks like it will have the latest designs from ARM integrated into it. What does this mean for consumers?
Samsung Galaxy Note 20 and 20+ Color Leaks: Copper?
It seems like leaks of the upcoming Samsung Galaxy Note 20 and 20+ have started to surface revealing that the upcoming phone could be green! Or even copper!
CCC Certificate Reveal Galaxy Note 20+ Comes with 5G, 25W Fast Charging, and Other Specs to Expect
Samsung will release Galaxy Note 20+ in late 2020. Sources state that Samsung will reveal its newest creations on both the Galaxy Note series and the Galaxy Fold series around August 2020. Here are specs to expect.
MORE IN ITECHPOST
The US Navy Has Built More Warhips: Are They Preparing For Something?
It has been revealed that new US Navy frigates have been built. But for what reason does the US Navy need more warships?
[Video] SpaceX Starship Prototype Explodes Ahead of Upcoming Historic Crewed Rocket Launch
Before the upcoming historic crewed rocket launch by SpaceX's Dragon, the Starship prototype exploded in Texas!
Darkest Dungeon Is Celebrating Its New DLC With A Free Weekend: Here Are Some Tips To Help You Out!
Red Hook Studio's Darkest Dungeon has had a new DLC released on Steam and with it a free weekend. Grab the PvP game and try it out after reading these tips on how you can play the game the best you can.
[Spoiler Alert] Jurassic World 3: Will the Original Cast Be Back?
Jurassic World III is on its way and if you're wondering if you're expecting everything to be the same, you might be surprised. A source stated that the former cast of the Jurassic Park movie trilogy would be reprising their roles in Jurassic World: Dominion.