Samsung Electronics buys auto-systems maker Harman for $8B

SEOUL, South Korea (AP) — Samsung Electronics said Monday it has agreed to acquire auto-systems maker Harman for $8 billion as the South Korean giant eyes the growing market for connected cars.

"Upon closing, the transaction will immediately give Samsung a significant presence in the large and rapidly growing market for connected technologies, particularly automotive electronics, which has been a strategic priority for Samsung," the company said in a statement.

In December 2015, the company made its ambitions for the self-driving car sector known by announcing that it will create a business division to focus on auto systems and components for autonomous driving.