Samsung to Buy Harman for $8 Billion in Bold Autos Gambit
Samsung Electronics Co. is spending $8 billion to buy its way into a burgeoning market for automotive technology alongside Apple Inc. and Google as the smartphone business wanes.
The South Korean company is making its largest-ever overseas acquisition with an offer for Harman International Industries Inc., angling to become the go-to supplier of everything from in-car entertainment to connected-auto services. It comes days after Samsung Group heir-apparent Jay Y. Lee formally ascended to the board of the electronics firm, a move that may shore up his influence over the family-run conglomerate?s prized asset.
Read full Article here »