APPLE announced yesterday that it is snapping up
The deal is expected to be closed at some point during the summer, subject to the go-ahead from regulators. Speculation about the acquisition had been rife over the last month.
"I've always known in my heart that Beats belonged with Apple," said Iovine, who helped to found the company in 2008.
"Apple's deep commitment to music fans, artists, songwriters and the music industry is something special," he added.
Last year, asset management firm
Apple's share price dropped by 0.26 per cent during the day, but stabilised after trading hours once the deal was announced.
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