US based tech giant Apple has confirmed today that it is going to buy Beats Electronics, a company of famous rapper Dr. Dre for 3 billion dollars. – Business Insider has written.
Beats headphones in an Apple store
Three weeks ago this transaction has been announced, but it has never been confirmed until now. The original price that was announced was 3.2 billion dollars.
Apple and Beats Electronics are going to sign a contract, which ensures that Apple is going to pay 2.6 billion dollars immediately while other portion will be transferred some time later.
Co-founders of Beats Electronics Dr. Dre and Jimmy Iovine will joining Apple’s management team.
At the beginning of 2014. CEO of Apple Tim Cook has said that he hasn’t got nothing against spending huge amounts of money on certain business moves. Tim Cook has 133 billion dollars available for purchases.
With this acquisition Apple is going to take over business which includes the line of expensive premium headphones Beats, a music service and other audio products from Beats Electronics. Beats headphones will still be sold under the same brand name.