Taiwan's HTC sells back stake in headphone maker Beats for $332m
TAIPEI (AFP) - Taiwan's leading smartphone maker HTC has agreed to sell its remaining 24.84 per cent stake in US headphone maker Beats Electronics back to the firm for US$265 million (S$332 million).
HTC said on Friday in a statement to the Taiwan Stock Exchange that the deal would close by the fourth quarter of the year, adding that Beats would remain an important partner to the company.
HTC announced in 2011 that it paid about US$309 million for a 51 per cent stake in the firm, which produces high-end headphones and is run by US hip hop producer Dr Dre, but sold half of that back for around US$150 million a year later.
The news came as Beats aims to broaden its business from headphones to include speakers, car audio systems, consumer electronics, and a soon-to-be-launched online streaming music service.