Apple close to buying headphone maker Beats Electronics: FT
Published on May 9, 2014 10:12 AM
(Reuters) - Apple is close to buying headphone maker Beats Electronics for US$3.2 billion (S$3.99 billion), the Financial Times reported.
The purchase of Beats, which also runs a streaming music service, would be Apple's largest ever acquisition, the newspaper reported. It said the deal could be announced as early as next week.
Founded by rapper Dr. Dre and music producer Jimmy Iovine, Beats Electronics primarily produces products under the brand "Beats by Dr. Dre" and competes with headphones made by Skullcandy Inc, Sennheiser Electronic and Bose Corp.
"This is really puzzling," said Forrester analyst James McQuivey. "You buy companies today to get technologies that no one else or customers that no one has." "They must have something hidden under the hood."
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