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Samsung to Buy Harman International for $8 Billion

The tech giant said it plans to pay about $112 a share of Harman.

Samsung Electronics (SSNLF) has announced a deal to buy Harman International Industries (HAR) for about $8 billion as part of a plan aimed at expanding the tech giant's coverage in automotive electronics technology. The South Korea-based company said Monday it will pay roughly $112 a share in cash for Harman, which specializes in connected-auto systems. The move comes as Samsung continues to find itself on precarious footing after a series of fires on some of its batteries tied to its Galaxy Note 7 smartphone, which has opened the door for Action Alerts PLUS holding Apple (AAPL) - Get Apple Inc. (AAPL) Report to snap up some of its market share. "Samsung just did what I begged Apple to do: buy Harman," Real Money's Jim Cramer said Monday. "This is a brilliant move for Samsung as Harman knows the connected car best."
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