Apple confirms plans of purchasing Dr Dre's Beats Electronics for 3 bln-dollars

Apple is reportedly set to make its largest acquisition after the company just confirmed their plans of purchasing Beats Electronics for 3 billion dollars.

Apple will reportedly take ownership of an enormously successful and profitable line of consumer headphones and also a mushrooming subscription music service.

According to The Verge, Beats co-founders Jimmy Lovine and Dr. Dre will also join Apple, who will pay for with 2.6 billion dollars in cash and 400 million dollars in stock, as part of the acquisition, which the technology.

Apple Chief Executive Officer (CEO) Tim Cook said that they are going to come up with features that would blow one's mind and also products that one has not thought of yet, as they see around the next corner to articulate the way to take music to an even higher level than it currently is.

However, the two brands would reportedly remain separate and would even continue to offer casually competing services that include Apple's iTunes radio and recently launched Beats Music subscription service.

Meanwhile, Beats' headphone and speaker division and Beats Music would still be answering directly to Apple, with iTunes chief Eddy Cue taking charge of the former and marketing chief Phil Schiller taking the latter, the report added

Cook said that Apple loves the subscription service that Beats built and they think that it is the first one that really got it right.