Samsung Electronics' new business support division launches M&A team: sources

Samsung Electronics' newly launched business support division has created a team dedicated to merger and acquisition (M&A) projects, industry sources said Thursday, raising expectations the Korean tech giant will speed up efforts to pursue new takeover deals. According to the sources, Samsung Electronics' business support division, which kicked off last week by reorganizing a task force launched in November 2017 after Samsung Group closed its Future Strategy Office, has formed a separate team for M&A projects. The team is led by Ahn Joong-hyun, president at Samsung Electronics who oversaw the company's previous acquisition projects, including the takeover of U.S. automotive electronics firm Harman International Industries. Harman International Industries, which Samsung Electronics acquired for $8 billion in 2017, currently posts an annual operating profit of around 1 trillion won ($679 million), serving as one of the company's key businesses. Industry watchers expect Samsung Electronics to make full-fledged efforts to foster new growth engines through M&A deals under the team. Last week,