HTC and Beats part ways following $265 million share buyback

HTC Beats Buyback

The tie-up between HTC and Beats Electronics has been a curious one, and now it is coming to an end. HTC dumped $300 million into Beats by Dr. Dre back in 2011 and the company’s audio tuning technology was showcased on a number of HTC smartphones following the deal. Now that HTC has moved on to “BoomSound” technology, the company apparently has no need to be involved with Beats. HTC announced on Friday that it has sold its 26,100 Class B shares, which represented about 25% of Beats, back to Beats Electronics for roughly $265 million. The funds changed hands on Friday so the deal is done, and HTC confirmed that it now holds zero interest in Beats.

Source:
HTC
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