April 27, 2024

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[THE INVESTOR] Tech giant Samsung Electronics said on March 12 that it has completed acquisition of the U.S. automotive technology firm Harman International Industries.

The South Korean tech giant said all the processes, including approval from antitrust watchdogs, have been finalized for the US$8 billion deal, which marks the largest-ever buyout by a South Korean company.

(From left)Samsung Electronics’ Chief Strategy Officer Sohn Young-kwon, Harman’s CEO Dinesh Paliwal and Samsung’s automotive division chief Park Jong-hwan hold hands at a press briefing in Seoul in November last year. (Samsung Electronics)

The deal was inked on Nov. 14, 2016, and approved by shareholders of Harman last month.

Harman stockholders will receive $112 per share in cash.

"Today is a historic moment for us," Sohn Yong-kwon, president and chief strategy officer of Samsung Electronics and chairman of the board at Harman, said in a release.

"The close of this transaction opens the door to create substantial growth opportunities and deliver greater benefits to customers worldwide."

"We are excited to have completed the transaction, which provides compelling cash value to our stockholders, benefits our customers and provides new opportunities for our employees,"said Harman president and CEO Dinesh Paliwal.

The deal was finalized in the absence of Samsung Electronics vice chairman and de-factor leader Lee Jae-young who was arrested last month on charges of bribery and embezzlement in connection with a corruption scandal involving former President Park Geun-hye and her confidante.

By HERO (theinvestor@heraldcorp.com)