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Harman Industrial acquires Bang & Olufsen for $156 million

For $156 million, Harman Industrial Industries Inc. has completed its acquisition of Bang & Olufsen Automotive. The deal was first announced last March by Harman, which supplies infotainment, audio and software services. Bang & Olufsen Automotive is a known supplier of audio products to luxury automakers.

In a Bloomberg report last March, we learned that it will cost Harman a total of 145 million euros ($156 million) to acquire the unit as well as pay for the technology license fees. Bang & Olufsen A/S shared that it intends to sell its automotive sound-system business to Harman International Industries Inc. (U.S. maker of JBL audio equipment) as it undergoes a reorganization to concentrate on consumer electronics.

After the announcement was made, the stock of Bang & Olufsen stock rose to its highest level in nearly 25 years. In a separate report, Bang & Olufsen said that it will sell its minority stake in drug-dispensing equipment maker Medicom and is considering options for its ICEpower amplifier unit.

Read the entire article Harman Industrial acquires Bang & Olufsen for $156 million