Seoul: Samsung Electronics Co. announced on Wednesday that its subsidiary, Harman International, has entered into an agreement to acquire the audio business of U.S.-based Masimo for 500 billion won (approximately US$350 million). This acquisition is set to enhance Harman's existing portfolio and strengthen its position in the global consumer audio market.

According to Yonhap News Agency, the deal will bring Masimo's high-end audio brands, including Bowers and Wilkins, Denon, Marantz, Polk Audio, and Definitive Technology, under Harman's umbrella, which already includes renowned names such as JBL, Harman Kardon, and AKG. Masimo, primarily recognized for its health technology and consumer electronics, ventured into the home audio market in 2022 through the acquisition of Sound United.

Samsung Electronics emphasized that the acquisition is strategically positioned to bolster Harman's leadership in the expanding consumer audio sector. The market is projected to grow from $60.8 billion in 2025 to $70 billion in 2029, offering significant opportunities for the combined portfolio of brands.

Dave Rogers, president of Harman's lifestyle division, stated, "Built on a shared legacy of innovation and excellence in audio technology, this combined family of brands, together with the talented employees of both companies, will deliver complementary audio products, strengthen our value proposition, and offer more choices to consumers."

The completion of the acquisition is anticipated by the end of 2025, marking a significant milestone in Harman's strategic growth initiatives.