Thursday, May 29, 2014 4:13am ET by  
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Apple buys Dr. Dre's Beats company for $3bn

Apple have bought Dr. Dre's Beats Electronics company for $3bn (£1.8bn).

The deal is thought to be Apple's biggest acquisition in their history and it will see Beats co-founders Dre and music producer Jimmy Iovine join the company.

The iPhone makers will pay an initial $2.6bn (£1.6bn) for the headphones, speakers and streaming company.

They will then put forward $400m (£239m) "that will vest over time".

Beats was founded in 2008 and their headphones have become one of the biggest names in the market.

It launched a subscription-based music streaming service earlier this year, but it only has 110,000 subscribers.

Apple have added that they expect the deal to formally close in the fourth financial quarter of 2014.

Watch Dr. Dre in action below:


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