MUMBAI: Apple has officially completed the $3 billion Beats deal, acquiring complete stakes of the audio equipment producing company. This report came with the announcement by Vivendi, parent company of Universal Music Group, in a one line press release which read, “Closing of the interest sale in Beats – Vivendi announced today that its subsidiary UMG has completed the sale of its share (approximately 13%) in Beats to Apple for a total amount of 404 million USD.”
Apple also updated its website to officially welcome Beats Music and Beats Electronics. It read:
“Today we are excited to officially welcome Beats Music and Beats Electronics to the Apple family. Music has always held a special place in our hearts, and we’re thrilled to join forces with a group of people who love it as much as we do. Beats cofounders Jimmy Iovine and Dr. Dre have created beautiful products that have helped millions of people deepen their connection to music. We’re delighted to be working with the team to elevate that experience even further.And we can’t wait to hear what’s next.”
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Apple Inc. acquired Vivendi SA unit Universal Music Group’s 13% stake (largest stake of Beats Electronics held by any company) in Beats Electronics after the agreement of the deal in May. Then, the luxury phone maker company had struck a deal to buy Beats Electronics, including subscription service Beats Music.
Beats has also transferred its online sales operation to Apple. A recent report had suggested that the U.S. tech giant would cut about 200 jobs at Beats after the completion of the headphone and music company’s acquisition. This means many Beats employees will be let off by the company quite soon now.
