Beats Secures $500M From Carlyle, Plans To Buy Out HTC

Law360, New York (September 27, 2013, 3:50 PM ET) -- Beats Electronics LLC, co-founded by Dr. Dre, is getting an injection of $500 million from The Carlyle Group and plans to buy back all of HTC’s ownership in Beats, a nearly 25 percent stake, for $265 million, the audio business announced Friday.

Carlyle plans to give Beats $500 million, which values the company at more than $1 billion, and will take two seats on Beats' six-member board of directors, according to a New York Times report. Carlyle plans to use its board seats to help Beats...
To view the full article, take a free trial now.
Try Law360 for free for seven days
Already a subscriber? Click here to login

Already have access?

  1. Forgot your password?
  2. Sign In

Get instant access to the one-stop news source for business lawyers

Required