Apple confirms $3 billion acquisition of Beats

May28

by Sindy Cator on May 28, 2014 at 8:34 pm

Apple today confirmed plans to acquire Beats Electronics, the maker of a popular line of headphones and a less-popular streaming music service. The purchase price was roughly $2.6 billion in cash with an additional $400 million in stock options that will vest over time, making it Apple’s biggest acquisition ever. Beats co-founder and music mogul Jimmy Iovine said in a statement that he had “always known in [his] heart that Beats belonged with Apple.” In fact, the company itself drew inspiration from Apple’s combination of culture and technology. Hip-hop legend Dr. Dre and Iovine can now repay the favor as…