HTC Corp., the Taiwanese smartphone vendor whose stock has plunged 90 percent since 2011, is selling its remaining stake in headphone maker Beats Electronics LLC for $265 million.
HTC will close the sale of its 24.84 percent stake in the closely held company in the fourth quarter, and it expects a NT$2.52 billion ($85 million) pretax profit, according to a statement to Taiwan’s stock exchange. Beats, founded by music producer Jimmy Iovine and rapper Dr. Dre, also will repay a $150 million promissory note, plus accrued interest.