Apple Finalizes Beats Electronics Deal For $3bn: Says 'It's all about music'

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Finally the news we have all been waiting for. According to what the reports are stating, Apple has finally sealed its biggest ever acquisition with the $3bn purchase of Beats Electronics. The new deal will now offer a brand new pedestal to Apple is areas of Digital Streaming.

The tech giant said on Wednesday that it is buying Beats Electronics LLC for $3 billion in order to bolster its music business that hasn't really kicked off in recent times, especially with several other streaming-music services now catching up on a department that was once dominated by Apple's iTunes service.

Apple Finalizes Beats Electronics Deal For $3bn

"It's all about music," Mr Cook told the FT at an interview in the company's Cupertino headquarters. Mr. Cook also added that Beats co-founders Jimmy Iovine, the music producer, and Dr Dre, the hip-hop legend, were "kindred spirits". With the new deal, both Mr Iovine and Dr Dre will join Apple.

"We've known them a long time," Mr Cook said. "We've gone from dating to going steady . . . now we're getting married."

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Now with Beats at its side, Apple will be on the front seat for a music-streaming service, high-end headphones and other high-end music-industry connections.

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The deal basically comprises of $2.6bn in cash and about $400m in Apple stock, which will, obviously, vest over time. The full deal is currently expected to be completed by the end of September 2014, pending regulatory approval.

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