Beats by Dr Dre (Beats Electronics) Looking to Buy Out HTC Shares and Find New Investors
Beats by Dr. Dre is the brand from Beats Electronics. Its reported that they are looking to drop HTC. Reports are saying that Beats Electronics wants to buy out HTC and bring in some new investors that can provide it with fresh funds for growth.
This is ironic considering HTC did Beats Electronics a huge favour last year. In August 2010, mobile phone manufacturer HTC acquired a 50.1% majority share in Beats for $309 million, before selling 25% back to the founders for $150 million, and remaining the largest shareholder with 25.1 percent, in order to provide “flexibility for global expansion while maintaining HTC’s major stake and commercial exclusivity in mobile.”
Not Beats Electronics have gone from $301 million in revenues in 2011 to an expected over $1 billion in 2013 and still they aren’t happy with their growth in emerging markets.
Source – WSJ via – AllThingsD