Samsung buys Harman International as part of its plan to invest in auto industry

Samsung is spending $8 billion to try to gain an edge on other big tech companies that are piling into autos.

The South Korean electronics giant said on Monday it was buying Harman International Industries, a U.S. firm that makes infotainment, safety and security systems for cars.

Tech giants have been plowing money into the auto industry: Apple is working on a secretive car-related project and Google is developing self-driving vehicles.

Samsung says it expects the automotive electronics market to be worth more than $100 billion by 2025.

Late last year, the company set up its own auto components business to work on self-driving cars and infotainment. But buying Harman makes it a major player: more than 30 million vehicles already use the U.S. company's technology.

Samsung is offering $112 in cash for each Harman share, 28% higher than the stock's Friday closing price.

More at CNN.

Related news

Lasă un comentariu