World News: $8bn Harman acquisition cancelled

World News: $8bn Harman acquisition cancelled

Harman International Industries has announced that Kohlberg Kravis Roberts & Co (KKR) and GS Capital Partners (GSCP) no longer intend to complete the previously announced acquisition of Harman.

KKR and GSCP have informed Harman that they are not obligated to complete the merger since they believe that a material adverse change in Harman's business has occurred and that Harman has breached the merger agreement.

Harman disagrees on both counts.

The agreement to purchase Harman for $8 billion was signed in April, and the deal was expected to close in the third quarter.

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