Carlyle Group to Take Minority Stake in Beats Electronics
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Carlyle Group LP, the world’s second-largest manager of alternative assets such as private equity and property, agreed to buy a minority stake in Beats Electronics LLC, the headphone maker founded by hip-hop artist Dr. Dre, for an undisclosed price.
Carlyle, which had $180 billion of assets under management at the end of June, will work with the management team to continue expanding the brand, Beats Electronics said in a statement today. HTC Corp., a Taiwanese smartphone vendor, is selling its remaining stake in Santa Monica, California-based Beats Electronics for $265 million, according to a statement on Taiwan’s stock exchange today.