HTC Corp, is to take control of of U.S. based Beats Electronics LLC.
Taiwanese HTC, Asia’s second largest handset manufacturer based on market value will acquire 51 percent of Beats Electronic, HTC Chief Financial Officer Winston Yung announced. Beats Electronics valuation is about 1.75 times the expected 2011 revenue of $350 million. Beats Electronics, formed in 2006, a partnership between Dr. Dre and Universal Music’s Interscope Records Chairman Jimmy loving makes headphones that sell for as much as $600.
The purchase is expected to boost HTC’s offering of audio and earphone accessories as smartphone competition escalates. HTC’s recent purchase of S3 Graphics Co provided a boost to its patents at infringement lawsuits increase between manufacturers.
Tags: android, HTC
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