NEW YORK (TheStreet) --Samsung Electronics (SSNLF) announced on Monday that it had entered into a definitive agreement to acquire Harman International Industries (HAR) for $112 per share, or $8 billion. Harman will give Samsung a substantial presence in the rapidly expanding market for connected car electronics.
"I pushed [Apple (AAPL) CEO] Tim Cook," TheStreet's Jim Cramer said on CNBC's "Squawk on the Street" this morning. Cramer had advocated for Apple to purchase Harman in the past.
His thesis in getting Apple to buy Harman was to enhance its CarPlay in-car technology, which connects to a user's iPhone, allowing access to Apple's ecosystem through a touchscreen on the dashboard.
"I know that Dinesh Paliwal who is the CEO was tired of me saying Apple should buy Harman, but the idea was that CarPlay is not powerful enough," Cramer contended.
Everyone perceives Harman as just offering good speakers, he said. "This was the company that decided to use that as a way to break into the connected car."
Harman has developed in-car technologies including collision avoidance, autonomous vehicle technology, and cyber security for the autonomous technology guarding it against hackers.
"I have got to tell you this, Harman; people really misread it. People did not understand that Dinesh had turned this company into the brain of a car. These guys are integrated into all of the things," Cramer noted.
"Harman was one of the best performers on the S&P, and then it stayed right here. So, you're getting back, a little bit lower, to where it ultimately traded," Cramer said about the price of the deal. However, he did note that Harman had struggled in previous quarters.