Dr. Dre's Beats Electronics gets new funding, buys back HTC stake

Share on Facebook Tweet Snapchat Share Reddit Comment
Dr. Dre's Beats Electronics gets new funding, buys back HTC stake
Beats Electronics LLC, founded by US rapper Dr. Dre and music producer Jimmy Iovine, said private equity firm Carlyle Group LP has agreed to make a minority investment in the audio technology company.

Terms of the transaction were not disclosed. However, a person familiar with the matter, who was not authorized to publicly discuss financial details of the deal, said Carlyle would invest $500 million in Beats Electronics, valuing it at over $1 billion.

Equity for the investment will come from affiliates of Carlyle Partners V, Carlyle's $13.7 billion U.S. buyout fund.

Beats Electronics also said it agreed to buy back the minority stake held by Taiwanese smartphone maker HTC Corp in the company.

HTC bought a 50.1 percent stake in the company in 2011, but sold half of it a year later.

Founded in 2008, Beats Electronics sells branded headphones, earphones and speakers, as well as Beats Audio software technology.

For the latest tech news and reviews, follow Gadgets 360 on Twitter, Facebook, and Google News. For the latest videos on gadgets and tech, subscribe to our YouTube channel.

Further reading: Audio, Beat Electronics, Beats Audio, Dr Dre, HP, HTC
BlackBerry World now contains over 130,000 BB10 apps
Lenovo launches A269i, A369i, A516 and A850 dual-SIM smartphones

Related Stories




© Copyright Red Pixels Ventures Limited 2020. All rights reserved.
Listen to the latest songs, only on JioSaavn.com