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Apple to Acquire Beats Music & Beats Electronics

Image courtesy of Image courtesy Beats by Dr. Dre (via ABC News Radio)
Image courtesy of Image courtesy Beats by Dr. Dre (via ABC News Radio)

Earlier this month, there were initial reports that Apple was looking to acquire Beats Electronics and Beats Music, founded in 2008 by Dr. Dre and Jimmy Iovine . Now it's official.  Apple has announced that the companies are being acquired for a total of $3 billion.  The deal is expected to close by the end of September.

The deal is the most expensive acquisition in Apple’s 38-year history and includes the subscription streaming music service Beats Music, and Beats Electronics, maker of Beats headphones, speakers and audio software.

"We have known these guys forever," Tim Cook , Apple CEO, said in a statement. "We’ve dated , we’ve gone steady and now we are getting married. This relationship started a decade ago, so we know there is an incredible cultural fit. These two guys have a very rare set of skills. It’s like finding a particular grain of sand on the beach. It’s that rare."

The deal will make Dr. Dre even wealthier.  According to Forbes , Dre’s net worth will increase to nearly $800 million, making him hip-hop’s wealthiest mogul, topping current champ Diddy by $100 million.

Copyright 2014 ABC News Radio