Samsung to buy US auto parts supplier Harman for $8bn

Samsung Electronics said on Monday it would buy US auto parts maker Harman International Industries for $8 billion in a bid to enter the growing market for automotive technology to produce "connected" cars.

Board members of Samsung -- the world's largest producer of smartphones -- had approved the all-cash acquisition of the Connecticut-based firm for $112 a share, Samsung said in a statement.

The deal -- the largest by Samsung in terms of value -- would give the South Korean giant a "significant presence" in the global market for online-connected auto parts including telematics, the firm said. 

"Harman perfectly complements Samsung in terms of technologies, products and solutions, and joining forces is a natural extension of the automotive strategy we have been pursuing for some time," Samsung vice chairman Kwon Oh-Hyun said in a statement. 

"Harman immediately establishes a strong foundation for Samsung to grow our automotive platform." 

Harman produces high-end audio systems and other internet-enabled entertainment features for global carmakers including General Motors and Fiat Chrysler.