SEOUL (Reuters) -Samsung Electronics said on Wednesday its unit Harman International signed a deal to acquire U.S. firm Masimo’s audio business for $350 million.
It plans to combine Masimo’s audio business with Harman to strengthen its global leading position in the consumer audio market, which is expected to grow from $60.8 billion in 2025 to $70 billion in 2029, Samsung said in a statement.
Samsung said it expects the acquisition to create synergy with the company’s existing mobile, television, and home appliance businesses, and strengthen competitiveness in differentiated sound and audio technologies.
In March, Samsung said during its annual shareholder meeting that it would pursue “meaningful” mergers and acquisition to address investor concerns about growth and was determined to produce tangible results this year.
(Reporting by Joyce Lee; Editing by Chris Reese, Ed Davies)
