Harman Reaches Agreement with KKR
NORTHRIDGE, CA — When FOH queried Harman insiders about the collapse of the buyout deal with a couple of heavy hitting Wall Street investment banks, one person told us, "Sid is by no means a dumb guy and may in fact make Harman a ton of money for having them back out." Turns out he was right, as Harman, along with KKR and GS Capital Partners, announced this week a new agreement that will keep the bankers from paying the $225 million termination fee called for in the original contract, instead seeing them make a $400M investment in Harman that they cannot sell or hedge for at least one year.
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