Apple Electronics announced yesterday that it has acquired Dr Dre's
Beats Electronics for $3billion. According to Forbes, Apple paid
$2.6billion cash upfront and gave $400million in stock that will vest
over time.
The $3billion purchase price includes Beats Music, the sister company
that runs a subscription streaming music service. As part of the deal,
Beats co-founders Dr. Dre and Jimmy Iovine will join Apple in
undisclosed roles.
"Music is such an important part of all of our lives and holds a
special place within our hearts at Apple," CEO Tim Cook said in a
statement released yesterday. "That's why we have kept investing in
music and are bringing together these extraordinary teams so we can
continue to create the most innovative music products and services in
the world."This acquisition is Apple's biggest and largest acquisition
since the inception of the company. Apple made $171 billion revenue
last year, while Beats made $2 billion.
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