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Apple Buys Dr. Dre Beats With $3 Billion Deal

dre1-1024x575Apple finally announced it has acquired headphone maker Beats Electronic for $3 billion, including $2.6 billion cash up front and approximately $400 million in stock that will vest over time.

As part of the deal, Beats co-founders Dr.D 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.

“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.”

$3billion purchase price includes Beats Music, the sister company that runs a subscription streaming music service.

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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