Bowers & Wilkins‘ parent company, Masimo, announced that it is selling its audio business division to Samsung subsidiary Harman International. The deal is for US$350 million (~RM1.49 billion) in cash and will add several more audio brands under the latter’s audio umbrella.
Specifically, the deal will see Masimo handing over Bowers & Wilkins, Denon, Polk Audio, Marantz, and Definitive Technology, to Harman. Harman itself already owns JBL, Harman Kardon, Arcam, AKG, Mark Levinson, and Revel, the latter having been acquired all the way back in 2016 for a handsome sum of US$8 billion (~RM34 billion).
“Finding the right home for this business has been a stated priority of the new Board from day one, and this transaction represents an important milestone as we continue to position the Company to achieve our goals of accelerating revenue growth while delivering disciplined margins,” Quentin Koffey, Vice Chairman of Maximo’s Board of Directors said.
“Masimo has tremendous opportunities ahead and we are confident we have the right healthcare-focused strategy, experienced leadership team and culture of innovation in place to build on our significant positive momentum.”
(Source: Business Wire, Samsung Korea)
