Apple nearing deal to purchase Beats Electronics for $3.2 billion

Apple Inc. is near a deal to purchase Beats Electronics, makers of the Beats by Dr. Dre headphones, for $3.2 billion.

The massive business transaction was first reported by the Financial Times and if it proceeds would become Apple’s largest transaction in company history, dwarfing its previous record $400 million purchase of NeXT Computers in 1997. The terms of the deal could be made official and public as early next week.

Beats Electronics was founded by rapper Dr. Dre and music producer Jimmy lovine in 2008. The deal would see Apple acquire the company’s highly successful brand of headphones and audio equipment, and its recently launched Beats’ streaming music service. The Beats management team will remain in their positions and report to Tim Cook.

However, the major acquisition comes as a departure from Apple’s business practices when the company was led by Steve Jobs. According to the Financial Times, “he was reluctant to pursue high-profile acquisitions.”

Under Jobs’ watch, Apple revolutionized the music industry with the iPhone, iPod music player, and iTunes online music download store.

Featured Image: Beats Electronics