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Samsung To Buy Car Tech Firm Harman For $8 Billion, South Korea's Biggest Overseas Deal

Ron Burgundy

By Ron Burgundy,
in Tech News

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Ron Burgundy

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The logo of Samsung Electronic is seen at its headquarters in SeoulBy Hyunjoo Jin and Miyoung Kim SEOUL (Reuters) - Samsung Electronics announced an $8 billion deal on Monday to buy Harman International Industries, marking a major push into the auto electronics market and the biggest overseas acquisition ever by a South Korean firm. The electronics giant previously shunned big acquisitions, and the latest deal underscores a strategic shift as the company tries to break into the high-barrier automotive industry where it has little track record. The purchase of the Stamford, Connecticut-based maker of connected car and audio systems is part of Samsung's efforts to find new areas of growth as its mainstay smartphone business - scarred by the disastrous withdrawal of the fire-prone Galaxy Note 7 - slows.




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