Thursday, April 26, 2007

Harman International Going Private

The Private Equity frenzy in Consumer Electronics for the past several years continues unabated with the $8bn takeover of manufacturing giant Harman International.

TWICE: Private Equity Firms To Acquire Harman International In $8 Billion Deal
Washington — Harman International has inked a deal that will sell the company to Goldman Sachs and Kohlberg Kravis Roberts & Co. for about $8 billion.
The transaction has already been approved by Harman's board of directors. The company will retain its name and its founder and executive chairman Dr. Sidney Harman will maintain his position.

In case you care, HAR is up nearly 20% this morning.

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Flatland Pastor said...

All I care about is what my old Citation 16 power amp will be worth after the dust settles. Oh I'm sorry, this isn't the Antiques Roadshow is it?

My bad.

Sid's smilin' though.

Lee_D said...

I'm sure that Sidney Harman is indeed a happy camper. Not to mention that Dr Floyd Toole (whom I met last year in Denver, and who is a fascinating person) probably made out pretty well on this deal also.