Samsung is buying US audio company Harman for $8 billion

Samsung Electronics is acquiring US audio company Harman for $8 billion in an all-cash deal in order to accelerate its growth in automotive and connected technologies, the company said in a statement on Monday. With this deal,  Samsung would look to take on Apple and Google as they already have a strong presence in the auto segment.

Google is working on self-driving cars while Apple offers CarPlay that takes the things you want to do with your iPhone while driving and puts them directly on your car’s built-in display. You can get directions, make calls, send and receive messages and listen to music, all in a way that allows you to stay focused on the road. There are also rumors that Apple is working on an electric car project codenamed "Titan".

Harman designs and engineers connected products and solutions for automakers, consumers, and enterprises worldwide, including connected car systems, audio and visual products, enterprise automation solutions; and connected services. Approximately 65% of HARMAN’s $7 of reported sales during the 12 months ended September 30, 2016, are automotive-related.