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July 29, 2014

EU clears Apple’s Beats acquisition

Apple acquired Beats for $3bn.

By CBR Staff Writer

The European Union has given the green light to the Apple’s Beats acquisition, saying that it will not impact the competition in the region.

The commission said: "The combination of the two businesses did not raise competition concerns because the combined market share of Apple and Beats Electronics is low."

Once the deal is officially closed Apple-beats headphones will not be the only big player in the market, facing competition from Sony, Bose and Sennheiser.

The commission also mentioned that iTunes is available in Europe but Beats streaming service is not, so it does not raise any concerns; instead Apple will face competition from other streaming services like Deezer and Spotify.

The commission also stated: "The transaction would not give Apple the ability and incentive to shut out competing streaming services from access to iOS, Apple’s operating system for mobile devices."

Apple has got the regulatory approval in Europe but it has not yet received approval in the US.

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Apple had previosuly agreed to pay $2.6bn in cash and $400m equity to buy Beats, which was founded by rapper Dr. Dre and musician Jimmy Iovine.

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