Monday 29 December 2014

Apple snaps up Dr Dre's Beats in $3bn deal

Sam Griffin

Published 29/05/2014 | 02:30

Recording artist Dr. Dre wears a pair of Beats headphones. Apple said it would buy headphone maker Beats Electronics and streaming music provider Beats Music for about $3 billion. Reuters
Recording artist Dr. Dre wears a pair of Beats headphones. Apple said it would buy headphone maker Beats Electronics and streaming music provider Beats Music for about $3 billion. Reuters

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.

Irish Independent

Promoted articles

Read More

Promoted articles

Editors Choice

Also in Business