Multi-billion dollar deal could become Apple's biggest acquisition yet
Dr Dre‘s headphone and music-streaming service Beats Electronics could soon be the subject of a $3.2bn (£1.9bn) takeover by Apple, according to various reports.
BBC News states that technology giant Apple could confirm the multi-billion dollar deal as soon as next week. If completed, it will be Apple’s biggest ever acquisition.
The reported price marks a huge increase on Beats most recent valuation, which placed the company’s worth at nearer the $1bn (£590m) mark following a $500m (£295m) investment from the Carlyle Group in September 2013.
This comes as CEO Tim Cook begins a new regime at Apple, following Steve Jobs’ previous reluctance to make big money acquisitions. The company’s previous biggest deal to date came in 1996 when they bought computer company NeXT for $404m (£238m)
Beats was founded in 2008 by Dr Dre and music producer Jimmy Iovine (pictured above). The company was originally known for its high end headphone range but has more recently moved into the subscription-based music streaming business with the launch of Beats Audio earlier this year (2014).
Acquiring Beats Audio would give Apple, which runs the iTunes Radio service, additional muscle in the ongoing battle for the top spot alongside rivals Spotify and Pandora.