Samsung Electronics Acquires HARMAN for US$8 Billion
November 15, 2016
Seoul and San Diego — Paul Hastings, a leading global law firm, announced today that the firm represented Samsung Electronics (“Samsung”) in its US$8 billion acquisition of Harman International Industries, Inc. (“HARMAN”). HARMAN is the market leader in connected car solutions, with more than 30 million vehicles currently equipped with its connected car and audio systems, including embedded infotainment, telematics, connected safety, and security.
Through the acquisition, Samsung—a recognized industry leader in connected mobility, semiconductors, user experience, and displays with global distribution channels—will add HARMAN’s experience designing and integrating sophisticated in-vehicle technologies, and position itself to leverage HARMAN’s long-term relationships with most of the world’s largest automakers, creating significant growth opportunities for the combined business.
The transaction is Samsung’s largest-ever acquisition, and is the largest Korean outbound M&A transaction on record.
Paul Hastings has represented Samsung Electronics in previous acquisitions and dispositions, including its acquisition of Dacor, a leading American brand in the luxury home appliance category; the mobile connectivity and location technology business of CSR Plc; and the sale of its fiber optics business to Corning Inc.
The Paul Hastings team was led by Carl Sanchez, chair of the firm’s global M&A practice, and Daniel Kim, head of the firm’s Korea Corporate practice, and Matthew Berger, chair of the firm’s Technology Transactions practice,with support from partner Nathalia Bernardo, Scott Flicker, Edward Han, Stephen Harris, Scott Hataway, Dong Chul Kim, Woojae Kim, Pierre Kirch, Tiffany Lee, Thomas Mounteer, Deyan Spiridonov, and Peter Stone, and associates Nicholas Ahn, Taylor Denson, M’Alyssa Mecenas, Sean Murphy, Albert Nah, Todd Schneider, Annie Su, Steven Wright, and Spencer Young.
At Paul Hastings, our purpose is clear — to help our clients and people navigate new paths to growth. With a strong presence throughout Asia, Europe, Latin America, and the U.S., Paul Hastings is recognized as one of the world’s most innovative global law firms.