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 This material may not be published, broadcast, rewritten or redistributed.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
SEPTEMBER 2, 2014
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