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Apple buys Carlyle-backed Beats for $3bn

29 May 2014

beatzApple has agreed to acquire private equity-backed headphones maker and music streaming service Beats in a $3bn deal.

The company’s founders, legendary rapper Dr. Dre and music mogul Jimmy Iovine will join Apple.

Private equity firm Carlyle is set to reap substantial returns from the deal after investing $500m in Beats at a valuation of $1bn last year.

The deal is expected to close in the fourth quarter of Apple’s fiscal year, said the company.

Beats currently holds a share of over 60 per cent in the market for $100-plus premium headphones in North America.

Carlyle’s recent deals include the acquisition of a majority interest in talent payroll, production support services and rights management provider Talent Partners form fellow private equity firm Abry Partners.

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