Samsung Electronics has completed the acquisition of Harman, the company revealed in a statement today. The deal, announced last November, was initially met with opposition by Harman shareholders, but was later approved, and has now been finalized. Stockholders will receive $112 per share.
The necessary approvals by US and other countries’ regulatory bodies have also been acquired.
Harman will operate as a standalone Samsung subsidiary with current CEO Dinesh Paliwal keeping his seat. President and Chief Strategy Officer of Samsung Electronics Young Sohn will be chairman of the board that will oversee Harman operations. No changes will be made to Harman’s work force, headquarters, and facilities.