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Europe approves Apple’s $3 billion takeover of Beats

Europe approves Apple’s $3 billion takeover of Beats

beats

Apple and Beats are one step closer to finalizing their deal and making Beats’ headphones and music service are part of the tech giant.

The European Commission on Monday announced that it has approved Apple’s planned $3 billion acquisition of Beats Electronics. The Commission, which analyzes such deals and ensures competition in the marketplace on behalf of the European Union, said that the deal creates no “competition concerns because the combined market share of Apple and Beats Electronics is low” in the audio market.

Apple announced in May that it would acquire Beats in a deal that includes $2.6 billion up front and another $400 million that vests over time. Beats, which was co-founded by rap star Dr. Dre and music executive Jimmy Iovine, is perhaps best known for its headphones, which have become an iconic part of pop culture. The company has also launched a subscription-based music service that got the attention of Apple CEO Tim Cook.

Read More/Source: C|Net

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