Status:  New Filing

 

Acquirer:  Samsung Electronics Co. Ltd. (Korean)

Acquired:  Harman International Industries, Inc. (U.S.)

Value:  Approx. US$8 Billion

Industry:  Automotive Electronics

 

Concept_CarOn November 14, 2016, Harman International Industries, Inc., a Delaware corporation, and Samsung Electronics Co. Ltd. announced that they have entered into an Agreement and Plan of Merger by which Harman International Industries will become indirect wholly owned subsidiary of Samsung Electronics for a total transaction value of approximately US$8 billion.    (See Harman Form 8-K, Nov. 14, 2016, SEC Filing; Harman Press Release, Form 8-K, Ex-99.1, Nov. 14, 2016, SEC Filing.)  The Committee on Foreign Investment in the United States (CFIUS) clearance is a condition of closing the transaction.  (See Agreement and Plan of Merger, Section 7.01(b)(ii), Harman Form 8-K, Ex-2.1, Nov. 14, 2016, SEC Filing.)  According to the Agreement, the parties were supposed to have submitted a draft joint voluntary notice to CFIUS on November 29, 2016. (See id. at Section 6.03(e).)

Harman “designs and engineers connected products and solutions for automakers, consumers, and enterprises worldwide, including connected car systems, audio and visual products, enterprise automation solutions; and connected services.”  (Harman website, About Us page.)

UPDATE:  “[Harmon International Industries] and Samsung filed a draft joint voluntary notice with CFIUS on December 5, 2016.”  (Harman International Industries, Inc., Schedule 14A, Dec. 12, 2016, SEC Filing.)

(Updated on Dec. 13, 2016 to reflect draft pre-filing of CFIUS notice.)