Harman International is Acquired for $8 Billion
A/V manufacturer Harman International announced Thursday that it has been acquired for $8 billion by a consortium of private equity firms, including affiliates of Kolberg Kravis Roberts and Co. and Goldman Sachs Capital Partners.
The company, founded in 1980 by Dr. Sidney Harman, will continue to use the name Harman International Industries, and Harman will remain on board as chairman. As part of the deal, current Harman shareholders will have the option of receiving $120 per share, in cash or shares.
The merger has been approved by Harman’s board of directors, and is expected to close in the third quarter. Among other brands, Harman International produces Harman Kardon, JBL, Audio Access and Crown Audio.