Tech giant Apple is in negotiations to buy Beats Electronics—the company founded by rapper Dr. Dre and record producer Jimmy Iovine that produces the über-popular Beats by Dre headphones—for $3.2 billion, according to several reports.
Reports from the Financial Times, Bloomberg, the New York Times and the Wall Street Journal all confirm the negotiations, and according to Business Insider the deal could be announced as early as next week.
Beats Electronics produces a variety of audio products, including the Beats Pill portable wireless speakers. According to Business Insider, Beats recently launched Beats Music, a music streaming service.
If Apple does acquire Beats, it would be the computer giant’s largest acquisition ever.
According to Business Insider, Beats last year raised $500 million from the Carlyle Group, giving the audio company a $1 billion valuation. A $3.2 billion purchase of the company by Apple would mean a tripling of Beats’ value in just a few months.
Read more at the Business Insider.