Samsung Electronics acquisition of Harman approved by shareholders

Harman International board of directors approved an acquisition from Samsung Electronics back in November. This is one of the steps the Korean company is taking towards the automotive industry since Harman produces components for infotainment, cyber security and over-the-air updates. Some shareholders tried to stop the deal, claiming the company is worth more than the $8 billion offered by Samsung, but after a vote the deal will go through.

Harman is a company that is most popular with its brands JBL, AKG, Bang & Olufsen and works with Tesla, Mercedes, Porsche, Jaguar in building intelligent systems and car audio.

Shareholders voted in favor of the deal with 70.78% approving it. This translates to 49.4 million shares out of total 69.8 million represented. Holders of 2.1 million shares were against the deal while 431 thousand were abstentions.

The biggest hurdle is already behind Samsung's back. Now begins a battle for approval by antitrust authorities in United States, South Korea, China and EU. The Korean company expects the deal to be finalized by the end of Q3 2017.

Harman speakers will most likely be implemented in Samsung’s next flagship smarthone - the Galaxy S8 which will be unveiled on March 29.

Via