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Irvine-based medical device maker Masimo Corp. today announced that it has entered into an agreement to sell its Sound United consumer audio business to Harman International, a wholly owned subsidiary of Samsung Electronics Co., for $350 million.
“Since I took over as CEO, a key objective has been refocusing our business to ensure we are allocating time and resources to areas of unmet clinical need and driving growth and operational efficiencies,” Masimo Chief Executive Katie Szyman said in a statement.
“This transaction aligns with these objectives. Our consumer audio business and its talented team will be well positioned for growth and success under HARMAN’s leadership.”
The transaction is expected to close by the end of 2025, according to Masimo.
Shares in Masimo fell 4% to $154.99 in after-hours trading the day of the announcement. The company has an $8.7 billion market cap (Nasdaq: MASI).