Apple to buy Beats for about $3 bln

Wed May 28, 2014 4:44pm EDT

May 28 (Reuters) - Apple Inc said it would buy headphone maker Beats Electronics and streaming music provider Beats Music for about $3 billion.

Beats co-founders Jimmy Iovine and rapper Dr. Dre will join Apple as part of the acquisition.

The transaction is expected to close in the fourth quarter, Apple said on Wednesday. (Reporting by Avik Das in Bangalore; Editing by Sriraj Kalluvila)