SAM­SUNG TO BUY US AUTO PARTS MAKER HAR­MAN FOR US$8B

The Sun (Malaysia) - - SUNBIZ -

SEOUL: Sam­sung Elec­tron­ics said yes­ter­day it would buy US auto parts maker Har­man In­ter­na­tional In­dus­tries for US$8 bil­lion (RM34.6 bil­lion) in a bid to en­ter the grow­ing mar­ket for au­to­mo­tive tech­nol­ogy to pro­duce “con­nected” cars. Board mem­bers of Sam­sung had ap­proved the all-cash ac­qui­si­tion of the Con­necti­cut-based firm for US$112 a share, Sam­sung said in a state­ment. The deal – the largest by Sam­sung in terms of value – would give the South Korean gi­ant a “sig­nif­i­cant pres­ence” in the global mar­ket for on­line-con­nected auto parts in­clud­ing telem­at­ics, the firm said. – AFP

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