Harman International Industries, parent company of several major pro audio brands, has announced its agreement to be acquired by affiliates of Kohlberg Kravis Roberts (KKR) and GS Capital Partners in a transaction valued at approximately $8 billion and unanimously approved by Harman’s board of directors. The company will continue to be named Harman International Industries, with founder Sidney Harman remaining as executive chairman.
Under the terms of the agreement, Harman stockholders will be entitled to receive $120 in cash for each share of Harman common stock they hold. As an alternative to receiving the cash consideration, Harman’s stockholders will be offered the opportunity to exchange some or all of their shares of Harman stock for shares in the new corporation that was formed by KKR and GSCP in order to acquire Harman.
Harman International provides audio solutions to the professional, consumer and automotive OEM markets, employing more than 10,500 people worldwide. The Harman Pro Group companies include JBL, Soundcraft, Studer, BSS Audio, dbx, Crown, AKG and Lexicon.