Samsung completes acquisition of Harman for almost 7.5 billion euros

Samsung has completed the acquisition of audio company Harman. That acquisition was announced in November of 2016, but then it was still waiting for approval from Harman shareholders and market watchdogs.

The 7.5 billion euros that Samsung is depositing for Harman is the largest amount that the South Korean company has paid in an acquisition to date. Shares of Harman will no longer be listed from Monday, but the company will continue to operate as an independent subsidiary of Samsung.

Samsung’s interest in Harman and Harman audio brands like JBL and Harman Kardon stems from a desire to play a part in the automotive entertainment industry. Samsung stated in November that nearly two-thirds of Harman’s sales come from the auto industry, making the company a “strategic priority.” Not only should Harman’s products help conquer that market, but also the contacts that the company has. In addition, Harman audio products can be incorporated into smartphones, virtual reality products and wearables.