Samsung Electronics Co. said Saturday it has completed acquisition of the U.S. automotive electronics firm Harman International Industries Inc.
The South Korean tech giant said all the processes, including approval from antitrust watchdogs, have been finalized for the US$8 billion deal, which marks the largest-ever buyout by a South Korean company.
The deal was inked on Nov. 14, 2016, and approved by shareholders of Harman last month. Harman stockholders will receive $112 per share in cash.
"Today is a historic moment for us," Sohn Yong-kwon, president and chief strategy officer of Samsung Electronics and chairman of the board at Harman, said in a release. "The close of this transaction opens the door to create substantial growth opportunities and deliver greater benefits to customers worldwide."
Dinesh Paliwal, Harman president and CEO, said, "We are excited to have completed the transaction, which provides compelling cash value to our stockholders, benefits our customers and provides new opportunities for our employees." .
The deal was finalized in the absence of Lee Jae-young, Samsung Electronics vice chairman and de-factor leader, who was arrested last month on charges of bribery and embezzlement in connection with a corruption scandal involving former President Park Geun-hye and her confidante. (Yonhap)