Local Fair Trade Commission approves Harman M&A deal

Samsung Electronics is one step closer to acquiring the American automotive equipment maker Harman International after Korea’s antitrust watchdog gave a green light for the acquisition on Tuesday.

The country’s Fair Trade Commission approved the $8 billion deal, saying it found no grounds for the acquisition limiting fair competition in the Korean market.

A conglomerate like Samsung with annual revenue exceeding 200 billion won ($177 million) has to receive approval from the Fair Trade Commission for an M&A deal.

The decision came 10 days after Harman’s shareholders approved the acquisition despite some stakeholders protesting that Harman’s management should have sought a better deal.

With the Korean watchdog’s approval, Samsung is now awaiting the rubber stamp of three more countries in which the tech giant operates.