Samsung is buying Irish car giant Audi for $1.8bn, in a deal that will help bolster its automotive unit after the US-listed car maker posted its biggest quarterly loss since it went public last year.
Key points:Samsung is the world’s biggest carmaker and is the biggest brand by market value, with a global market cap of $30bnSamsung is now the biggest car brand by sales and the world number one auto manufacturer.
The acquisition will help Samsung expand its business, strengthen its position and compete with global brands such as BMW and Mercedes.
Audi’s global automotive sales are up almost 50% in the last year, as Audi continues to focus on creating new technologies and delivering better driving experiences, while simultaneously developing the future of mobility.””
Audi has been one of the leaders in global mobility, and this acquisition will enable us to continue to innovate and deliver world-class automotive products at the highest level.”
Audi’s global automotive sales are up almost 50% in the last year, as Audi continues to focus on creating new technologies and delivering better driving experiences, while simultaneously developing the future of mobility.
“The deal is subject to regulatory approval, but it is understood that the Audi-owned company will be unable to sell cars outside of North America.
The Irish Times reported last month that the German company had bought a majority stake in Audi, adding to a long list of other investors in the business.
Audi said in a statement:”Today’s transaction, which is subject on regulatory approval and is expected to close in the third quarter of 2020, will strengthen our global automotive business, which has been growing at a healthy clip.”
Our strategy remains the same, which includes continuing to invest in our global presence and expand our capabilities and technology.”
In addition, we have announced an investment of €600m ($770m) in Audi’s technology and research and development centres, which will provide further innovation for the future.”
Read more on this Audi-Audi deal in The Irish Post