Samsung Electronics said Monday it would buy US auto parts maker Harman International Industries for $8 billion (roughly Rs. 54,107 crores) in a bid to enter the growing market for automotive technology to produce "connected" cars.
Board members of Samsung - the world's largest producer of smartphones - had approved the all-cash acquisition of the Connecticut-based firm for $112 a share, Samsung said in a statement.
The deal - the largest by Samsung in terms of value - would give the South Korean giant a "significant presence" in the global market for online-connected auto parts including telematics, the firm said.
"Harman perfectly complements Samsung in terms of technologies, products and solutions, and joining forces is a natural extension of the automotive strategy we have been pursuing for some time," Samsung vice chairman Kwon Oh-Hyun said in a statement.
"Harman immediately establishes a strong foundation for Samsung to grow our automotive platform."
Harman produces high-end audio systems and other internet-enabled entertainment features for global carmakers including General Motors and Fiat Chrysler.
For the latest tech news and reviews, follow Gadgets 360 on X, Facebook, WhatsApp, Threads and Google News. For the latest videos on gadgets and tech, subscribe to our YouTube channel. If you want to know everything about top influencers, follow our in-house Who'sThat360 on Instagram and YouTube.