Status Update:  Clearance

 

Acquirer:  Samsung Electronics Co. Ltd. (Korean)

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

Value:  Approx. US$8 Billion

Industry: Consumer Electronics; Information Technology

 

Concept_CarUPDATE:  On February 17, 2017, Harman International Industries reported that, in connection with its November 14, 2016 merger agreement with Samsung Electronics Co., Ltd., the parties “received clearance from CFIUS to proceed with the Merger” on February 9, 2017. (Harman International Form 8-K, Feb. 17, 2017, SEC Filing.)  The parties joint voluntary notice was accepted by the Committee on Foreign Investment in the United States (CFIUS) on January 11, 2017, 29 days earlier.  (See id.)

 

Updated on February 6, 2016:

Status: Filing Under Review

Harman International Industries, Inc., a Delaware corporation, and Samsung Electronics Co. Ltd., a Korean company, have reportedly “filed a draft joint voluntary notice with CFIUS on December 5, 2016 and filed a final joint voluntary notice on January 3, 2017.  The initial 30-day review period began on January 11, 2017 following the acceptance of the filing by CFIUS.”  (Harman Schedule 14A, Jan. 20, 2016, SEC Filing.)

Updated on December 12, 2016:

Status: New Filing

“[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.)

Originally Posted on December 7, 2016:

Status: Upcoming/New Filing

On 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.)