Samsung Electronics said on Monday it has agreed to acquire auto-systems maker Harman for $ 8 billion (around Rs 54,263 crore) as the South Korean giant eyes the growing market for connected cars. Samsung will pay $112.00 (around Rs 7,956) per share in cash for the Stamford, Connecticut-based company, making the acquisition Samsung's biggest ever. Harman provides connected cars and audio systems with safety and entertainment features. Samsung is a latecomer to the market for connected cars. The company plans to keep Harman as an independent subsidiary and retain its management team.

Source: dna November 14, 2016 14:05 UTC