by Hyunjoo Jin
SEOUL (Reuters) – Samsung Electronics announced on Monday the purchase of Harman International Industries for eight billion dollars (7.4 billion euros), a deal that allows him to strengthen themselves in the market of automotive electronics and represents the biggest acquisition ever made abroad by a south Korean company.
The purchase of the company’s Stamford (Connecticut), a specialist in audio systems and cars are connected, is part of a new strategy of Samsung, in search of future growth, while the mobile telephone business was rocked by the forced removal of the Galaxy Note 7.
“Samsung uses its huge cash to try to outrun the competition in the market of automotive technology. As to evolve into a company capable of competing with companies such as Bosch and Continental, it remains to be seen,” said Park Jung-hoon, HDC Asset Management.
Samsung clarifies in a press release that it intends to self-finance the transaction of $ 112 per share which represents a premium of approximately 28% over the closing price of Harman on Friday and that should be done by mid-2017.
The Korean group added that the transaction will provide all of the following “a significant presence in the large market and rapid growth of connected technologies, in particular in automotive electronics, which are a strategic priority.”
Harman, which employs 30.000 employees and whose products are used on more than 30 million vehicles by the world, will become a subsidiary of Samsung, and will keep his or her head its general director Dinesh Paliwal.
Samsung launched a year ago a team responsible for identifying growth opportunities in automotive electronics. It has already invested this year, $ 450 million in BYD, a manufacturer of automobiles of chinese producer of rechargeable batteries.
Samsung has also had discussions with Fiat Chrysler Automobiles (FCA) about a possible buyout or partnership with its supplier Magneti Marelli, according to sources close to the matter. We don’t know where are the discussions in question.
(Wilfrid Exbrayat and Marc Joanny for French service)
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