Latest news with #QuentinKoffey
Los Angeles Times
12-05-2025
- Business
- Los Angeles Times
Samsung's Harman to Acquire Masimo's Sound United Consumer Audio Business for $350 Million
Irvine-based Masimo Corp. agreed to sell its Sound United consumer audio business to HARMAN International Industries Inc., a subsidiary of Samsung Electronics Co., for $350 million. The deal is expected to close by the end of 2025. 'Finding the right home for this business has been a stated priority of the new board from day one, and this transaction represents an important milestone as we continue to position the company to achieve our goals of accelerating revenue growth while delivering disciplined margins. Masimo has tremendous opportunities ahead, and we are confident we have the right healthcare-focused strategy, experienced leadership team and culture of innovation in place to build on our significant positive momentum,' said Quentin Koffey, vice chairman of Masimo's board of directors, in a statement. Sullivan & Cromwell served as legal adviser to Masimo. Information for this article was sourced from Harman.
Yahoo
08-05-2025
- Business
- Yahoo
Masimo to divest consumer audio division to Samsung's Harman
US-based Masimo has agreed to sell its consumer audio business, Sound United, to Harman International, a subsidiary of Samsung Electronics, for $350m in cash. The decision is part of Masimo's previously declared strategic review of its consumer audio operations. Masimo stated that the divestiture will allow it to concentrate more on advancing innovation within its core professional healthcare segment. Masimo board of directors, vice-chairman Quentin Koffey said: 'Finding the right home for this business has been a stated priority of the new Board from day one, and this transaction represents an important milestone as we continue to position the company to achieve our goals of accelerating revenue growth while delivering disciplined margins. 'Masimo has tremendous opportunities ahead and we are confident we have the right healthcare-focused strategy, experienced leadership team and culture of innovation in place to build on our significant positive momentum.' Subject to certain conditions, including the necessary regulatory consents, the transaction is expected to be concluded by the end of 2025. Samsung expects the acquisition to create synergy with its existing mobile, television and home appliance businesses. Harman's Lifestyle division president Dave Rogers said: 'This acquisition represents a strategic step forward in the expansion of Harman's core audio business and footprint across key product categories such as home audio, headphones, hi-fi components and car audio. 'It complements our existing strengths and opens new avenues for growth. Sound United's portfolio of world-class audio brands including Bowers & Wilkins, Denon and Marantz, will join Harman's iconic family of brands including JBL, Harman Kardon, AKG, Mark Levinson, Arcam and Revel. '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.' Centerview Partners and Morgan Stanley acted as financial advisors, while Sullivan & Cromwell provided legal counsel to Masimo for this transaction. Earlier this year, Nokia signed a multi-year patent licence agreement with Samsung to allow the use of its video technologies in Samsung's television products. "Masimo to divest consumer audio division to Samsung's Harman" was originally created and published by Verdict, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site.
The Verge
07-05-2025
- Business
- The Verge
Samsung adds Bowers & Wilkins, Denon, Marantz, and Polk to its audio empire
Samsung subsidiary Harman has agreed to acquire the audio business division of Masimo, taking ownership of audio brands like Bowers & Wilkins, Denon, and Polk Audio. The $350 million deal brings them under the same roof as JBL, Harman Kardon, Arcam, AKG, Mark Levinson, and Revel, which Samsung acquired back in 2016 with its $8 billion acquisition of Harman. The Masimo transaction is expected to close by the end of 2025, subject to regulatory approvals. 'Finding the right home for this business has been a stated priority of the new Board from day one, and this transaction represents an important milestone,' said Masimo vice chairman Quentin Koffey. Masimo, you might recall, is the global medical technology company that launched a US patent infringement lawsuit against Apple over the pulse oximetry tech used in the Apple Watch. In its press release, Samsung says it 'plans to solidify its global No. 1 position in the consumer audio market' by combining the Harman and Massimo businesses. Part of that plan also includes applying professional audio technology from Bowers & Wilkins, Denon, and Marantz to Samsung's lineup of smartphones, wireless earphones, headphones, TVs, and sound bars, alongside expanding its car audio business portfolio with brands like Bowers & Wilkins. 'Harman is proud to have grown into a world-class audio company with 75 years of history, and we expect that the acquisition of another luxury audio brand, B&W, will further solidify Harman's position as a true audio powerhouse,' said Dave Rogers, president of Harman's lifestyle business unit.
Phone Arena
07-05-2025
- Business
- Phone Arena
Samsung just bought a huge chunk of the premium audio world
Bowers & Wilkins Px8. | Image credit – Bowers & Wilkins Samsung might be known for phones and TVs, but it actually owns a bunch of premium audio brands, too – including JBL, AKG, Harman Kardon, Mark Levinson and Infinity. It picked them all up when it acquired Harman International back in 2016 for $8 billion. Since then, Harman has continued to run independently, especially strong in the high-end audio and automotive scenes. Now, Samsung is stepping even deeper into the premium audio game because Harman has just signed a deal to acquire the consumer audio division of Masimo for $350 million – and it is a big one. That unit includes some heavy-hitting names like Bowers & Wilkins, Denon, Marantz, Polk Audio and more. Yep, Bowers & Wilkins – that premium British audio brand known for its stunning design and audiophile-grade sound – is now going to be part of the Samsung family. – Quentin Koffey, Vice Chairman of Masimo's Board of Directors, May 2025 Harman plans to merge this new audio business with its existing lifestyle division to solidify its position as the global leader in consumer audio – a market that is expected to jump from $60.8 billion in 2025 to $70 billion by 2029. This acquisition represents a strategic step forward in the expansion of HARMAN's core audio business and footprint across key product categories such as Home Audio, Headphones, Hi-fi components, and Car Audio. It complements our existing strengths and opens new avenues for growth. Sound United's portfolio of world-class audio brands including Bowers & Wilkins, Denon and Marantz, will join HARMAN's iconic family of brands, including JBL, Harman Kardon, AKG, Mark Levinson, Arcam, and Revel. 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. – Dave Rogers, President of HARMAN's Lifestyle division, May 2025 This move doesn't just boost Harman's brand portfolio – it could also mean noticeably better sound across Samsung's products, from Galaxy phones to TVs and earbuds. The company already uses Harman know-how to tune audio for its smartphones, tablets, laptops and soundbars. Now, with Denon, Marantz and B&W in the mix, expect a serious step up in sound quality across the board. Harman plans to wrap up the acquisition by the end of the year. And if the name Masimo sounds familiar, you've probably seen it in headlines tied to Apple. Masimo and Apple have been in a legal fight that actually caused a temporary sales ban on Apple Watches in the US. That fight is still ongoing, and it's the reason new Apple Watch models can't use pulse oximetry features unless Apple changes how they work or gets a license.
Business Wire
06-05-2025
- Business
- Business Wire
Masimo to Sell Consumer Audio Business to HARMAN International
IRVINE, Calif.--(BUSINESS WIRE)--Masimo Corporation (Nasdaq: MASI), a leading global medical innovator, today announced that it has entered into a definitive agreement to sell its Sound United consumer audio business to HARMAN International ('HARMAN'), a wholly-owned subsidiary of Samsung Electronics Co., Ltd., for an aggregate purchase price of $350 million in cash, subject to certain adjustments. The sale follows the previously announced review of Masimo's consumer audio business and will support the Company's strategic focus on driving innovation in its core professional healthcare segment. The transaction is expected to close by the end of 2025, subject to receiving necessary regulatory approvals. Quentin Koffey, Vice Chairman of Masimo's Board of Directors, stated, 'Finding the right home for this business has been a stated priority of the new Board from day one, and this transaction represents an important milestone as we continue to position the Company to achieve our goals of accelerating revenue growth while delivering disciplined margins. Masimo has tremendous opportunities ahead and we are confident we have the right healthcare-focused strategy, experienced leadership team and culture of innovation in place to build on our significant positive momentum.' Dave Rogers, President of HARMAN's Lifestyle division, said, 'This acquisition represents a strategic step forward in the expansion of HARMAN's core audio business and footprint across key product categories such as Home Audio, Headphones, Hi-fi components, and Car Audio. It complements our existing strengths and opens new avenues for growth. Sound United's portfolio of world-class audio brands including Bowers & Wilkins, Denon and Marantz, will join HARMAN's iconic family of brands, including JBL, Harman Kardon, AKG, Mark Levinson, Arcam, and Revel. 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.' Katie Szyman, Chief Executive Officer of Masimo, said, 'Since I took over as CEO, a key objective has been refocusing our business to ensure we are allocating time and resources to areas of unmet clinical need and driving growth and operational efficiencies. This transaction aligns with these objectives. Our consumer audio business and its talented team will be well positioned for growth and success under HARMAN's leadership.' The transaction is subject to the satisfaction or waiver of certain closing conditions, including the receipt of any required regulatory approvals. Centerview Partners LLC and Morgan Stanley & Co. LLC served as financial advisors to Masimo and Sullivan & Cromwell LLP served as legal advisor to Masimo in connection with the transaction. About Masimo Masimo (NASDAQ: MASI) is a global medical technology company that develops and produces a wide array of industry-leading monitoring technologies, including innovative measurements, sensors, patient monitors, and automation and connectivity solutions. In addition, Masimo Consumer Audio is home to eight legendary audio brands, including Bowers & Wilkins, Denon, Marantz, and Polk Audio. Our mission is to improve life, improve patient outcomes, and reduce the cost of care. About HARMAN HARMAN ( designs and engineers connected products and solutions for automakers, consumers, and enterprises worldwide, including connected car systems, audio and visual products, enterprise automation solutions; and services supporting the Internet of Things. With leading brands including AKG®, Harman Kardon®, Infinity®, JBL®, Lexicon®, Mark Levinson® and Revel®, HARMAN is admired by audiophiles, musicians and the entertainment venues where they perform around the world. More than 50 million automobiles on the road today are equipped with HARMAN audio and connected car systems. Our software services power billions of mobile devices and systems that are connected, integrated and secure across all platforms, from work and home to car and mobile. HARMAN has a workforce of approximately 30,000 people across the Americas, Europe, and Asia. In 2017, HARMAN became a wholly owned subsidiary of Samsung Electronics Co., Ltd. Forward-Looking Statements – Masimo All statements other than statements of historical facts included in this press release that address activities, events or developments that we expect, believe or anticipate will or may occur in the future are forward-looking statements including, in particular, the statements about our expectations regarding the expected timeline to closing of the transaction. These forward-looking statements are based on management's current expectations and beliefs and are subject to uncertainties and factors, all of which are difficult to predict and many of which are beyond our control and could cause actual results to differ materially and adversely from those described in the forward-looking statements. These risks include, but are not limited to, those related to (i) the inability to obtain, or delays in obtaining, any required regulatory or other approvals for the transaction, or failure to consummate or delay in consummating the transaction for any other reasons; (ii) the risk that a condition to closing of the transaction may not be satisfied; (iii) the occurrence of any event, change or other circumstances that could give rise to the termination of the transaction; (iv) the outcome of any legal proceedings that may be instituted following announcement of the transaction; (v) potential unfavorable reactions to the transaction by customers, competitors, suppliers, employees and Company stockholders; and (vi) each party's ability to satisfy its respective obligations in connection with the transaction; and other factors discussed in the 'Risk Factors' section of our periodic reports filed with the Securities and Exchange Commission ('SEC'), including our most recent Form 10-K and Form 10-Q, all of which you may obtain for free on the SEC's website at You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof, even if subsequently made available by us on our website or otherwise. We do not undertake any obligation to update, amend or clarify these forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required under applicable securities laws.
