Apple is almost done with its most recent acquisition for a $3.2 billion deal to buy Beats Electronics, the popular maker of headphones, speakers, car audio systems and a streaming music service founded by rapper Dr. Dre and music producer Jimmy Iovine, according to reports from the Financial Times.
The purchase of Beats Electronics will be the largest acquisition Apple Inc. will ever be involved with, and reports that the deal will be completed and announced anytime next week by the company. The recent news will also establish Dr. Dre as the first rapper turned billionaire in the music industry.
Beats Electronics which is more popular in manufacturing products under the brand "Beats by Dr. Dre" produces primarily a line consisting of headphones and speakers. The company also has a music streaming service that is known to be migrated with iTunes anytime soon. The main competitors of the the company are Bose Corp, Skullcandy Inc., and Sennheiser Electronic.
Forrester analyst, Jamess McQuivey recently gave a statement about the reports saying "This is really puzzling. 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"
Some speculations were made on Apple, the company that owns the largest seller of tunes, that the tech giant seems to be heading towards providing and improving their on-demand music service with its current move to buy Beats Electronics and recent release of iRadio service. The company probably is much more interested in releasing another break through product in music with its track record on its previous release of iPad which was known to have changed the whole industry.
Apple CEO, Tim Cook was reported by Reuters last March for meeting up with Beats Electronics founder Jimmy Iovine over talks of a potential partnership with the two companies. Meanwhile in 2011, Dr. Dre was quoted to have compared his company with Apple saying "We're trying eventually be second to Apple. And I don't think that's a bad position."
Both Apple Inc. and Beats Electronics has not yet provided any comments about the recent news of the acquisition, which was also reported by the Wall Street Journal and New York Times.
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