In one of the biggest deals of the year, Apple has finally completed the 3 billion acquisition of Beats Electronics and Beats Music last Friday. This is also the tech giant’s most expensive buy in its history.
Announced last May, the takeover is worth $2.6 million in cash and $400 million in stocks. Apple however, has been mum regarding their future plans for the newly-acquired company and how they will integrate these to their existing product line-ups. Or not.
“Today we are excited to officially welcome Beats Music and Beats Electronics to the Apple family,” a post on Apple’s website read. “Music has always held a special place in our hearts, and we’re thrilled to join forces with a group of people who love it as much as we do.”
But not all parties are thrilled with this news as rumours have also been circulating that Apple will be laying off around 40% or 200 employees of Beats Electronics Staff. This however, has not been confirmed as of this writing.
Apple’s statement on its website also gives ode to the Beats founders, Jimmy Iovine and Dr. Dre, saying how they “created beautiful products that have helped millions of people deepen their connection to music.”
Well, we’ll definitely keep our eyes (and ears) peeled for new information regarding this merging.