Washington - Apr 26, 2007 - Harman International Industries has entered into an agreement to be acquired by affiliates of Kohlberg Kravis Roberts and GS Capital Partners in a transaction valued at about $8 billion. The transaction was unanimously approved by the Harman board of directors, following the recommendation of a special committee of independent directors. KKR initiated discussions with Harman and structured the transaction so that current Harman stockholders have the opportunity to participate in the future upside potential of the enterprise. The company will continue to be named Harman International Industries and Dr. Sidney Harman, founder and executive chairman, will remain executive chairman.
Harman International Industries is the parent company of Harman Kardon, JBL, AKG, Studer, Mark Levinson, Infinity and other companies in the professional and high-end consumer electronics industries.