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PRINT THIS PAGE KKR, GS Capital Partners to acquire Harman International Industries in $8bn deal26/04/2007. Source: AltAssets. 
 Kohlberg Kravis Roberts & Co. and GS Capital Partners have agreed to acquire Harman International Industries in a transaction valued at approximately $8bn. The transaction has been approved by the Harman board of directors.
Harman stockholders will be entitled to receive $120 in cash for each share of Harman common stock they hold. As an alternative, they will be offered the opportunity, on a purely voluntary basis, to exchange shares of Harman stock for shares in the new corporation incorporated by KKR and GSCP in order to acquire Harman.
Harman is a manufacturer of audio products and electronic systems for the automotive, consumer and professional markets. The company maintains a strong presence in the Americas, Europe and Asia, employing about 10,500 people.
Following the transaction, the company will continue to be named Harman International Industries and the company's founder, Dr Sidney Harman, will continue in his role as executive chairman.
Henry R Kravis, co-founding member of KKR, said, 'Harman is one of the world's outstanding providers of audio equipment and infotainment systems with an unparalleled portfolio of legendary brands and strong customer relationships. Since founding Harman more than 50 years ago, Dr Sidney Harman has brought exceptional vision to the company and we are proud to work with him and the management team to continue building the value of their company.'
KKR is currently also trying to acquire Alliance Boots, while GS Capital Partners has recently agreed to acquire Myers Industries.
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