April 25, 2024

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[THE INVESTOR] Harman International CEO Dinesh Paliwal plans to hold a news conference in Seoul on Nov. 21 at 3 p.m. (local time) to talk about the company’s latest US$8 billion acquisition deal with Samsung Electronics.

The CEO is visiting Seoul to finalize the deal with Samsung’s top brass, including Vice Chairman Lee Jae-yong.

Samsung President and Chief Strategy Officer Young Sohn who oversees the company’s semiconductor business in the US also will attend the media event.

Harman International CEO Dinesh Paliwal

The Seoul event comes after the Korean tech giant announced its acquisition of the US audio giant, its largest-ever purchase, on Nov. 14. The price is about 28 percent higher than the company’s market capitalization based on its share price.

Since setting up a separate automotive components unit in December last year, Samsung has been making a big push on car parts. Despite several mergers in recent months, the company has yet to secure a firm footing as it struggles to build partnerships with carmakers.

The latest deal with the top-tier infotainment systems supplier to numerous carmakers, including Mercedes-Benz, General Motors and Hyundai Motor, would drastically reduce the time for Samsung to become a potent player in the car industry especially ahead of an era of autonomous driving.

All the employees, including management members, of Harman are expected to continue even after the acquisition. About 8,000 software designers and engineers are working currently at the firm.

By Lee Ji-yoon (jylee@heraldcorp.com)