Apple snaps up Dr Dre's Beats in $3bn deal
TECH giant Apple has purchased music enterprise firm Beats Electronics, based in Clonakility in Co Cork, in its largest-ever takeover of a rival.
The deal is reported to have cost Apple around $3bn (just under €2bn) and will see Apple take over both the company's high-quality headphones and music streaming service.
Beats Electronics was set up by US rapper Dr Dre and music producer Jimmy Iovine in 2006 and was based in California.
But Dr Dre moved three of his company bases to Co Cork to take advantage of Ireland's favourable tax laws. Apple has also established a major headquarters in Ireland for the same reason.