Following weeks of speculation and rumors, Apple on Wednesday officially announced it acquisition of Beats Electronics for a reported $3 billion, with co-founders Jimmy Iovine and Dr. Dre expected to join the Cupertino, Calif. company in as-yet-undisclosed executive roles.

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“Music is such an important part of all of our lives and holds a special place within our hearts at Apple,” said Tim Cook, Apple’s CEO. “That’s why we have kept investing in music and are bringing together these extraordinary teams so we can continue to create the most innovative music products and services in the world.”

Apple is acquiring the two companies for a total of $3 billion, consisting of a purchase price of approximately $2.6 billion and approximately $400 million that will vest over time.

The deal is expected to close in Apple’s fiscal fourth quarter pending regulatory approval.