SEOUL, South Korea (AP) — Samsung Electronics says it has agreed to acquire auto-systems maker Harman for $8 billion as the South Korean giant eyes the growing market for connected cars.
Samsung said in a statement Monday it will pay $112.00 per share in cash for the Stamford, CT.-based company.
Overseas acquisitions are high on Samsung’s agenda. Last month, the company bought artificial intelligence firm Viv Labs, founded by creators of Apple’s Siri. It also recently bought a cloud service company, a mobile payments firm and a connected home startup.
Harman provides connected cars and audio systems with safety and entertainment features. More than 30 million cars are equipped with its auto systems. The majority of its $7 billion in annual sales during the year that ended Sept. 30 came from auto-related technologies.