Washington - Harman International Industries, a manufacturer of audio products and electronic systems, said on Thursday that it will be acquired for $8 billion by private equity firms Kohlberg Kravis Roberts (KKR) and GS Capital Partners.

Harman, which will retain its current name, said that its board has unanimously approved the deal, in which its stockholders will receive $120 in cash for each of their shares.

Company founder Sidney Harman will retain his role as executive chairman.

Harman's brands include Harman Kardon, JBL, Mark Levinson and Infinity. The company employs about 10,500 workers. The deal is expected to close after mid-year.

Shares of Harman were up about 20% in Thursday's midday trading on the New York Stock Exchange.

Related Links:
http://www.harman.com/press/default.aspx