Dr Dre Joins Apple In $3bn Beats Acquisition

Dr Dre and recording impresario Jimmy Iovine have joined Apple after the completed $3bn acquistion of Beats Electronics.

The announcement comes nearly three weeks after deal negotiations were leaked to the media.

At $3bn (£1.8bn), the deal for the headphone and streaming music company is the most expensive acquisition in Apple's 38-year history.

It includes $2.6bn in cash and $400m in Apple stock that will vest over an unspecified time period.

Apple boss Tim Cook was most interested in Beats' streaming service

Apple broke into the music streaming business last year with the launch of iTunes Radio, but with $1.1bn in revenue last year, Beats should boost the tech giant's earnings once the new fiscal year begins in October.

"Music is such an important part of all of our lives and holds a special place within our hearts at Apple," Apple CEO Tim Cook said in a media release.