News emerged last night that Apple is close to sealing the deal on its largest acquisition in company history.
CNBC reports that Apple wants to move forward with a whopping $3.2 billion acquisition of Beats Electronics, an iconic headphone maker and music streaming operator.
The company, which was founded by music producer Jimmy Iovine and recording superstar Dr Dre, has reportedly been on Apple’s radar for an extended period of time. But only in recent weeks have acquisition talks intensified.
“The deal could be announced as early as next week, people familiar with the negotiations said, but they cautioned that some details had yet to be agreed and talks could still fall apart,” CNBC reports.
If the deal closes, the acquisition would give to Apple a streaming music service, Beats’ audio equipment business, and the entire Beats management team.
It should be noted, however, that even though $3.2 billion is a substantial sum for an acquisition, Apple’s cash pile stood at well over $130 billion by the close of the March 2014 quarter.