Industry paper Automotive News reports the deal has been done, and Samsung has handed over US$8 billion (AU$10.6 billion) in the process.
Samsung reportedly views Harman as an ideal springboard for its future auto-related projects, not the least of which include an expansion of its connected infotainment systems and autonomous car programs.
While the timing may not be ideal, Samsung has no time to lose if it plans to keep pace with Google and Apple in the connected car game.
Apple CarPlay and Google’s Android Auto are nearing full availability in the new car market, at least in Australia, and Google’s recent launch of its own ‘Google Pixel’ phone range could put further pressure on Samsung’s sales figures.
But Samsung won’t simply swallow Harman, with the latter set to benefit greatly from the deal as it remains a stand-alone entity.
“Without a doubt, this will be a huge differentiator for us,” Harman CEO Dinesh Paliwal said.
Harman is said to have banked US$7 billion (AU$9.25 billion) in sales from the automotive sector alone for the year ending September 30 - or around 65 percent of its sales figures. Further, there’s another US$24 billion (AU$32 billion) in future sales orders for similar technology.
Samsung’s mooted partnership deal with Fiat Chrysler Automobiles (FCA) still appears to be on hiatus, after reports last month suggested the phone fire issue had excessively strained Samsung’s budget.
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