Harman shareholders approve purchase by Samsung for $8 billion

- Adrian Ungureanu

Samsung can now finally fill the check for acquiring Harman. The shareholders of the American company have approved the purchase by the South Korean tech giant for $8 billion, an acquisition that will increase Samsung a better access to automaker’s industry in the following years.

According to a regulatory filing with the US Securities and Exchange Commission, 70.78 percent of Harman’s common shares were represented at the shareholders meeting– 49,460,322 out of a total of 69,883,605 shares – either by shareholders or through proxies.

The voting result was 46,921,832 shares in favor and 2,107,178 shares against, with 431,312 abstentions.

Samsung Electronics plans to complete the merger process by the third quarter at the latest after receiving approval from the government regulators. If completed, the deal will be the biggest overseas deal by a Korean firm.