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Samsung's Harman takeover tops list of M&As this year

All News 09:16 June 26, 2017

SEOUL, June 26 (Yonhap) -- Samsung Electronics Co.'s takeover of U.S. automotive electronics firm Harman International Industries Inc. has emerged as the biggest merger and acquisition (M&A) deal among local listed firms this year, the bourse operator said Monday.

The South Korean tech giant said in March that it had completed the US$8 billion acquisition of Harman, the world's leading maker of in-car entertainment systems and car audio equipment. The U.S. company also ranks second in the global telematics market.

The Korea Exchange said Samsung's buyout of Harman marked this year's largest stock acquisition among listed companies on South Korea's main stock market as of last Monday.

Samsung, the world's No. 1 maker of smartphones and memory chips, said the deal is designed to secure a significant presence in the large and rapidly growing market for connected technologies, particularly automotive electronics.

Samsung's Harman takeover tops list of M&As this year - 1

The second-largest deal was carried out by Doosan Holdings Europe Ltd., purchasing 1.53 trillion won ($1.35 billion) worth of shares in Doosan Bobcat Inc., a construction equipment unit of Doosan Group.

In 2007, South Korea's top construction equipment maker Doosan Infracore acquired Bobcat and other construction equipment units from North Carolina-based Ingersoll Rand PLC for $4.9 billion. Doosan Bobcat operates 31 subsidiaries in 20 countries.

Hanil Cement Co.'s acquisition of Hyundai Cement Co. ranked the third-largest deal valued at 622.1 billion won.

A total of 181 companies reported acquisitions of stocks in other firms between Jan. 1 and June 19 this year, up 6.5 percent from the same period, with the value edging down 1 percent to 17.9 trillion won, according to the bourse operator.

Samsung's Harman takeover tops list of M&As this year - 2


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