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Friday, September 27, 2013

HTC to sell its stake in Beats Electronics for a profit

HTC is selling its final share in audio product manufacturer Beats Electronics back to the company. It bought a majority share in Beats two years ago but later sold some of its stake back to the founding members. This final deal for 24.84% of Beats is worth $265 million (£164 million), resulting in a £53 million profit.

Beats, which was founded in 2006, is also reported to have arranged a $500 million investment from an equity firm.

Since the 2011 deal was put in place, audio technology from Beats has been integrated into a number of HTC handsets including the current HTC One.

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Author: The Fonecast
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Categories: Handsets and manufacturers, NewsNumber of views: 1557

Tags: htcaudio

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