Apple Buys Beats, Hire Dr Dre
After weeks of speculation, Apple has finally announced that they have bought mega headphone company Beats by Dre for $2.6 billion in cash and $400 million in equity.
The tech giants yesterday revealed that the acquisition of the headphone brand and company was a move to help out the music business that has been for some time going through rough patches financially.
Apple CEO Tim Cook said: “Music is such an important part of all of our lives and holds a special place within our hearts at Apple”, “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 is Apple's highest ever acquisition ,the other record stands at $400 million, the price they paid to get Steve Jobs company NeXT and him back into their franchise.
They also have hired Beats owners Dr Dre and Jimmy Lovine into the Apple family.
Apple is worth over $150 billion and last year made a revenue of $171 billion despite fierce competition from Samsung and HTC.
Source: Legit.ng
