Next week, Apple may announce their largest acquisition ever: a deal with Beats Electronics for $3.2 million. The company, founded by rap superstar Dr. Dre and music producer Jimmy Iovine, is known for its ubiquitous, pricey headphones and audio accessories. But it also offers much more, including the subscription-based Beats Music streaming service that would be particularly useful for Apple, who has lagged behind in music streaming, the oft-preferred listening method for many these days.
Back in 2011, HTC hooked up with Beats to offer their high-quality audio technology in their smartphones, but the partnership didn’t last, and by 2013, Beats had bought back the stake HTC had invested.
The company was valued at $1 billion this past September. If this deal goes through, Beats will have tripled in value.