After months of rumours, Beats Electronics finally announced today that they would be acquiring HTC’s last remaining 25% share in the Beats Audio initiative that the two companies started a while back, the deal gives HTC $265 million in cash.
“Here’s The Cash,” was likely the only words Beats Electronics gave HTC when they acquired HTC’s remaining stake in Beats Audio for $265 million, valuing Beats Audio at well over a billion dollars. HTC and Beats Electronics partnered up in 2011 to start Beats Audio, HTC got 50.1% of the company for just $300 million, selling 25% back just last year, and now the remainder of their shares. Until today, HTC was the largest external shareholder in Beats Audio and the duo are set to continue their partnership for the foreseeable future, sans the exclusivity though.
HTC has been going through some pretty rough times and their ‘Here’s To Change’ marketing campaign featuring Robert Downey Jr. doesn’t seem to be doing much wonders for the firm. Are they set to go the way of Nokia and BlackBerry?