Beats Electronics to Receive Minority Investment from Carlyle Group

Beats Electronics LLC (Beats), the audio brand co-founded by legendary artist and producer Dr. Dre and Interscope Geffen A&M Chairman Jimmy Iovine, announced today that The Carlyle Group

, the global alternative asset manager, has agreed to make a minority investment in Beats. Carlyle will work with the Beats management team to continue expanding the brand and building the business both domestically and internationally. Additional terms of the transaction, which is expected to close in the fourth quarter of 2013, were not disclosed. Beats also announced today that it has entered into a definitive agreement to reacquire the minority stake in Beats held by HTC Corp. As a result, HTC will no longer have any ownership stake