Harman acquires Bang & Olufsen Automotive
Harman Industrial Industries Inc., a supplier of infotainment, audio and software services, said today it has completed the $156 million acquisition of Bang & Olufsen Automotive, a supplier of audio products to luxury automakers.
Harman announced the deal in March. At the time, the Stamford, Conn.-based company said it would pay 145 million euros ($156 million) for the unit as well as technology license fees, Bloomberg reported.
Bang & Olufsen Automotive supplies audio and infotainment products to major luxury automakers Audi, Aston Martin, BMW and Mercedes-Benz.
“The additions of Bang & Olufsen and B&O PLAY as distinctive and renowned brands will complement our existing premium branded offerings and strengthen Harman’s position as a leader in this segment,” Harman CEO Dinesh Paliwal said in a statement today.
The acquisition is effective June 1, Harman spokesman Darrin Shewchuk said.
Bloomberg contributed to this report.