After weeks of processing and closing, it is now official: Apple has acquired Beats.
The deal was originally announced back in May, but had to undergo official review by various government agencies as well as have background details get worked out by the parties involved.
“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,” Apple wrote on its website, announcing the finalization of the deal. “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.”
The announcement of the closure of the sale comes just hours after Bloomberg reported that French company Vivendi had sold its stake in Beats Electronics to Apple for $404 million.
With the acquisition of the company now official, the hard work begins. Apple confirmed on Thursday that it will be cutting 200 jobs from the group of 700 employees that were being brought on board in the deal. Apple has stated that it will work to find other positions within the company for the 200 people who will be affected by the cut backs.
With the deal with Beats Electronics and Vivendi, the total acquisition of the headphone developer and music streaming service company will cost Apple, in total, $3.1 billion. The final price is $100 million more than the original price tag of $3 billion.
Sound off FanSiders! What do you think now that the acquisition of Beats by Apple is now official? Leave your thoughts in the comment section below.