After much talks and speculation, Apple has
finally announced it will acquire 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. 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.”
This acquisition is Apple’s biggest ever, and
largest since it brought back Steve Jobs in 1997 through a $400 million
purchase of NeXT.
However, the $3 billion price is still just a
tiny fraction of the company’s $150 billion cash reserves, and Beats’
estimated annual sales of $2 billion represents barely over 1% of
Apple’s $171 billion revenue last year.
A big congrats Dr. Dre!
After much talks and speculation, Apple has
finally announced it will acquire 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. 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.”
This acquisition is Apple’s biggest ever, and
largest since it brought back Steve Jobs in 1997 through a $400 million
purchase of NeXT.
However, the $3 billion price is still just a
tiny fraction of the company’s $150 billion cash reserves, and Beats’
estimated annual sales of $2 billion represents barely over 1% of
Apple’s $171 billion revenue last year.
A big congrats Dr. Dre!
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Apple Company (finally) acquires Dr. Dre’s Beats electronics for $3 billion
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Reviewed by BOBOJAY
on
May 30, 2014
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