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Korea Republic of : Samsung Electronics in final talks to acquire French audio equipment maker
Publish Date : 26-Oct-2016
In its bid to bolster its automotive electronics business which is considered a new growth engine of the company, Samsung Electronics Co. is looking to acquire French audio equipment maker Focal.
According to business and investment banking sector sources, Samsung Electronics is currently in the final phase of talks to acquire Focal.
Focal has become popular after Samsung Group Chairman Lee Kun-hee, who is an audio lover, installed the Grand Utopia, the high end speaker of Focal priced at 240 million won (US$211,827).
A Samsung Electronics official said, "We tried to acquire Bang & Olufsen, a Denmark-based high-end audio equipment manufacturer. However, the plan was killed off as its price was higher than expected. Then, we found the French company immediately. The price will be around 200 billion to 300 billion won (US$176.52 million to 264.78 million). The talks between the two companies are in the final stages. Our employees are now negotiating on details in France."
Samsung Electronics said it would complete the acquisition by the end of this year.
The official added, "The company plans to get its automotive electronics business on the track as soon as possible. It emphasizes on aggressive M&As in future businesses, such as automotive electronics, the Internet of Things and artificial intelligence."
