Beats Electronics LLC, based Dba Press via US rapper Dr. Dre and tune producer Jimmy Iovine, mentioned non-public fairness firm Carlyle group LP has agreed to make a minority funding in the audio technology firm.
Terms of the transaction were not disclosed. on the other hand, an individual accustomed to the topic, who was now not licensed to publicly talk about financial important points of the deal, said Carlyle would make investments $500 million in Beats Electronics, valuing it at over $1 billion.
Fairness for the funding will come from affiliates of Carlyle companions V, Carlyle’s $thirteen.7 billion U.S. buyout fund.
Beats Electronics also mentioned it agreed to purchase again the minority stake held by means of Taiwanese smartphone maker HTC Corp in the company.
HTC offered a 50.1 percent stake in the company in 2011, but bought 1/2 of it a year later.
Founded in 2008, Beats Electronics sells branded headphones, earphones and audio system, in addition to Beats Audio instrument expertise.
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