Samsung officially announces Harman acquisition

Samsung Electronics has announced it has completed the previously announced acquisition of Harman International Industries, Incorporated (“HARMAN”). Under the terms of the merger agreement, HARMAN stockholders will receive $112.00 per share in cash.

The completion follows the satisfaction of all conditions to the closing of the transaction, including approval of the transaction by HARMAN stockholders and receipt of all necessary regulatory approvals in the United States and certain foreign jurisdictions.

In connection with the completion of the transaction, HARMAN’s common stock will cease trading prior to market open on March 13, 2017 and will be delisted from the New York Stock Exchange. HARMAN will operate as a standalone Samsung subsidiary, overseen by a Board of Directors led by Mr. Sohn. Mr. Paliwal will remain CEO of HARMAN, leading the Company with his management team, and will continue to serve as a member of its Board. Samsung is retaining HARMAN’s work force, headquarters and facilities, as well as all of its consumer and professional audio brands.