Apple has confirmed its plans to acquire Beats Electronics for $2.6 billion in cash for the service and $400 million in stock.
“Music is such an important part of all of our lives and holds a special place within our hearts at Apple,” company CEO Tim Cook says in a statement.
“That’s why we have kept investing in music and are bringing together these extraordinary teams so we can continue to create the most innovative music products and services in the world.”
No details yet on how Apple is intending to use Beats, But the company says it will keep the Beats hardware brand as is, as well as the Beats Music streaming service. Apple has also said that Beats Electronics co-founders Jimmy Iovine and Dr. Dre will join the company as full-time employees.
The deal is expected to close by the end of the year and is subject to regulatory approval.
