Apple Inc. officially celebrated its acquisition of Beats Electronics and Beats Music last Friday, indicating that it closed the 3 billion dollar deal for the company.
Apple released this statement on its website, “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.”
While this is a huge win for Beat founders’ Dr. Dre and Jimmy Lovine, Apple plans to cut around 200 of the 700 jobs at Beats after the deal closed.
Apple’s announcement came moments after Vivendi SA said that Universal Music Group had successfully completed the sale of its 13% stake in Beats to Apple. Vivdendi now has freed up more capital to pay down its debt and return more cash to its shareholders.
The completion of the Vivendi stake deal came a few days of European Regulators approved the deal, and as of yesterday, US regulators have signed off of the deal.
Apple offered no indication of any new products or services it may offer with Beats, but speculation has swirled around the possibility of new wearable tech that may be on the horizon..