Beats buys back HTC's remaining 25 percent stake in company

Beats Electronics free of HTCcontrol after $265 million buyback deal

It was rumored over the summer and today it's official Beats Electronics, the company behind Beats Audio and Beats By Dre, has bought back the remaining 25 percent stake in it held by HTC in a $265 million deal. The Taiwanese smartphone maker originally acquired a 50.1-percent stake in Beats at the height of its success in 2011, before founders Jimmy Iovine and Dr. Drebought back half of that a year later.

Over the course of the partnership, the companies' fortunes have diverged, with HTCfalling on hard timesas Beats has grown and expanded its business beyond headphones. HTC described Beats as an "important partner" in a statement to the Taiwan Stock Exchange, without going into further details about the consequences of the buyback. The deal is expected to close by the end of the year.

Source: Dow Jones Business News; via: Engadget

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