Apple to Acquire Beats Music and Beats Electronics

Skadden is advising Jimmy Iovine and Andre Young (better known as Dr. Dre) in connection with Apple, Inc.'s acquisition of the subscription streaming music service Beats Music, LLC and Beats Electronics, LLC, which makes Beats headphones, speakers and audio software. As part of the acquisition, Iovine and Dr. Dre, who are Beats co-founders, will join Apple, which is acquiring the two companies for a total of $3 billion, consisting of a purchase price of approximately $2.6 billion and $400 million that will vest over time. The acquisition — the largest in Apple's history — was announced on May 28.