Harman buying Bang & Olufsen Automotive audio business
NEW YORK (AP) — The audio and electronic systems company Harman International Industries Inc. will buy Bang & Olufsen Automotive for about $157.3 million.
Bang & Olufsen makes sound systems, which are available in high-end luxury cars including Audi, Aston Martin, BMW and Mercedes-Benz car models. Stamford, Connecticut-based Harman brands are in more than 25 million cars.
The deal includes a purchase price of 145 million euros, or about $157.3 million, as well as license payments for an exclusive license to the Bang & Olufsen and B&O PLAY brands within the automotive industry.
Harman will assume all Bang & Olufsen Automotive customer programs, and all Bang & Olufsen Automotive development and production resources will be transferred to Harman.