Samsung buys connected car firm Harman for $8bn in cash

Samsung buys connected car firm Harman for $8bn in cash

Samsung Electronics is buying automotive electronics-maker Harman International Industries for about $8bn (£6.4bn) in cash as it makes a big push into connected car technologies.

The offer of $112 per share is a 28% premium to Harman’s Friday closing price and marks the biggest overseas purchase by a South Korean firm.

Samsung said automotive electronics was “a strategic priority” .

The connected technologies market is expected to grow to $100bn by 2025.

“The vehicle of tomorrow will be transformed by smart technology and connectivity in the same way that simple feature phones have become sophisticated smart devices over the past decade,” Young Sohn, Samsung’s president and chief strategy officer, said in a statement.