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Apple closes $3bn Beats Electronics deal

But what will it do next?
Mon Aug 04 2014, 09:37

HARDWARE DESIGNER Apple has completed its $3bn acquisition of Beats Electronics and Beats Music, closing the deal on Friday.

In a post on its website, Apple beamed that the deal was closed but we are still clueless as to why it happened and what the iPhone maker plans to do with the audio firm.

Apple makes Beats acquisition official

"Today we are excited to officially welcome Beats Music and Beats Electronics to the Apple family," the statement read. "Music has always held a special place in our hearts, and we're thrilled to join forces with a group of people who love it as much as we do."

With no word as to how Apple will integrate Beats with its products, or if it will, the Cupertino firm said Beats co-founders Jimmy Iovine and Dr Dre have "created beautiful products that have helped millions of people deepen their connection to music" and will be working with the team to "elevate that experience" even further.

"And we can't wait to hear what's next," the statement concluded.

Apple announced that it had laid down $3bn, about £1.78bn, to acquire Beats Music in May. However, the deal is not all positive news for the companies, especially the Beats staff. Rumours circulated last month that Apple plans to lay off around 40 percent of Beats Electronics staff, or 200 employees, following its $3bn acquisition of the firm.

The deal was cleared by the European Commission (EC) last week when it said that since Apple and Beats already both sell headphones, and have a combined 'low' market share, it could not object on those grounds. µ

 

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