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Apple snaps up Dr Dre's Beats for $3bn

by Danielle Levy on May 29, 2014 at 08:09

Apple snaps up Dr Dre's Beats for $3bn

Apple has made its biggest acquisition yet, with the planned buy of rapper Dr Dre's Beats Electronics for $3 billion.

The Financial Times reported that the deal is made up of $2.6 billion in cash and around $400 million in Apple stock, which will vest over time. It is expected to be completed by the end of September of this year, subject to regulatory approval.

Apple chief Tim Cook (pictured) highlighted Beats’ streaming service as significant to the deal. Beats launched its subscription service in January with an emphasis on personal music curation, rather than on playlists that are selected by using algorithms.

Founded in 2008 by Dr Dre and Jimmy Iovine, Beats makes most of its money from speakers and premium-priced headphones and generated revenues in 2013 of $1.1 billion.

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