APRIL 26 | HARMAN | ACQUISITION
Harman Acquired for $8 Billion
On April 26, Harman International Industries entered into an agreement to be acquired by affiliates of Kohlberg Kravis Roberts & Co. (KKR) and GS Capital Partners (GSCP). The transaction is valued at approximately $8 billion.
The company will continue to be named Harman International Industries, and Sidney Harman, founder and executive chairman, will remain executive chairman. The transaction was unanimously approved by the company’s board of directors, following the recommendation of a special committee of independent directors. KKR initiated discussions with Harman and structured the transaction so current Harman stockholders have the opportunity to participate in the future upside potential of the enterprise.
“We are pleased to reach an agreement with KKR and GSCP that is in the best interest of our stockholders, presenting them with excellent value for their shares and the opportunity to participate in Harman’s future growth,” Harman said. “KKR and GSCP are two of the world’s leading private equity investors, and our board of directors strongly believes that this transaction will create attractive long-term opportunities for our employees, customers and business partners. Together, we will continue to execute our strategic plan, capitalize on new opportunities, and build on our history of product innovation and service excellence.”
“Harman is one of the world’s outstanding providers of audio equipment and infotainment systems with an unparalleled portfolio of legendary brands and strong customer relationships,” said Henry Kravis, co-founding member of KKR. “Since founding Harman more than 50 years ago, Dr. Sidney Harman has brought exceptional vision to the company, and we are proud to work with him and the management team to continue building the value of their company.”