News Column

Carlyle Buys HTC's Stake in Beats Electronics

September 27, 2013
beats electronics
Beats Electronics, parent company of Beats by Dr. Dre

NEW YORK (AP) Carlyle Group is buying HTC's remaining stake in Beats Electronics LLC for $265 million, HTC said Friday.

Beats Electronics is the parent company of the Beats by Dr. Dre line of popular high-end headphones and other music devices.

HTC Corp., a Taiwan-based maker of smartphones and tablets, bought a majority share in Beats in 2010, but later sold half of the shares back to its founders, leaving it with 24.8 percent. The majority owners of the company are co-founders Andre Young, better known as rapper and producer Dr. Dre, and Jimmy Iovine, the co-founder of Interscope Records.

Carlyle, a New York-based asset manager, expects to close the deal during the fourth quarter.

Shares of The Carlyle Group lost 19 cents to $26.44 in midday trading.

Copyright 2013 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

Original headline: Carlyle pays $265M for 24.8-percent stake in Beats

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Source: Copyright 2013 The Associated Press. All rights reserved.

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