Samsung buys connected car firm Harman for $8bn in cash
Samsung Electronics is buying automotive electronics-maker Harman International Industries for about $8bn (£6.4bn) in cash as it makes a big push into connected car technologies, the BBC reports.
The offer of $112 per share is a 28% premium to Harman's Friday closing price and marks the biggest overseas purchase by a South Korean firm.
Samsung said automotive electronics was "a strategic priority."
The connected technologies market is expected to grow to $100bn by 2025.
"The vehicle of tomorrow will be transformed by smart technology and connectivity in the same way that simple feature phones have become sophisticated smart devices over the past decade," Young Sohn, Samsung's president and chief strategy officer, said in a statement.
The purchase also comes in the wake of the Galaxy Note 7 scandal, which saw both Samsung's reputation and profits harmed after it was forced to recall, then end production of the device, because it turned out to be a fire hazard.
Samsung generates the bulk of its revenues from its smartphone business, but is now looking for new areas of growth.
Last year, it created a business division focused on automotive electronics and recently invested in a Chinese carmaker, BYD.
Harman, which has its headquarters in Connecticut, makes products that are used in more than 30 million vehicles.
The deal is expected to be completed in mid-2017. Harman's chief executive, Dinesh Paliwal, will continue to run the company.
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