Masimo Corp. has completed the $350 million sale of its consumer audio business to Harman International, a wholly-owned subsidiary of Samsung Electronics Co.
The transaction, first announced in May, marks an “important milestone” for the company as it shifts focus back to the core healthcare business, according to Masimo Chief Executive Katie Szyman.
“With this chapter behind us, we are even better positioned to broaden Masimo’s patient impact, accelerate growth, and deliver stronger margins,” Szyman said in a statement.
Masimo originally acquired the unit back in 2022 for $1 billion. The company previously considered spinning it out.
Shares in Masimo were little changed at $141.39 and a market cap of $7.6 billion.
