via Billboard: “After nearly three-weeks of waiting and speculation, Apple has officially announced the acquisition of Beats Electronics and Beats Music in a $3 billion deal.

Beats founders — Interscope-Geffen-A&M chairman Jimmy Iovine and hip-hop producer Dr Dre — will be joining Apple in executive roles not specified in the announcement. Billboard previously reported the likelihood of Iovine and Dre being made part of the Apple executive team at next week?s Worldwide Developers? Conference in San Francisco.

Apple is acquiring the two companies for a total of $3 billion, consisting of a purchase price of approximately $2.6 billion and approximately $400 million that will vest over time. The deal is expected to close by Sept. 30, the end of Apple?s fiscal fourth quarter.”

Read the full story @ Billboard here.