*Apple has announced that it has finalized its $3 billion acquisition of Beats Electronics and Beats Music, two months after declaring its interest in the company.
The deal was already as good as wrapped up, but only today (August 1) received the US government’s seal of approval.
The agreement sees Apple assume control of the audio firm’s hardware and music streaming businesses, with Beats executives Jimmy Iovine, Dr. Dre, and Ian Rogers joining its ranks.
Apple CEO Tim Cook took to Twitter to formally welcome the Beats founders aboard, while both companies released official statements about the merger on their websites.
“Today we are excited to officially welcome Beats Music and Beats Electronics to the Apple family,” said the Apple team. “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 co-founders 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.”
Their Beats counterparts added: “Musicians rely on their instruments to give structure and form to their imagination. At the dawn of digital recording, the Macintosh computer was the instrument of choice.
“At the beginning of portable digital music, the iPod placed the library of the world’s music in your pocket. The iPhone became not only an instrument for music, but also the center of your connected life.