Apple has closed its $3 billion deal to buy Beats. Announced a month ago, the deal is Apple’s biggest acquisition ever. It gives the company ownership of Beats Music, a music streaming service, and Beats Electronics, the headphone manufacturer.
“Today we are excited to officially welcome Beats Music and Beats Electronics to the Apple family,” Apple said in a post. Beats co-founders Jimmy Lovine and Dr. Dre will be joining Apple. Apple paid $2.6 billion in cash for the property, with an additional $400 million in equity. The computing giant is expected to push Beats’ music streaming service to compete with similar services from competitors like Google and Amazon.