Apple set to buy Beats for record deal of $3.2bn

Apple — which has its European headquarters in Cork — is close to paying a record $3.2bn (€2.3bn) for Beats Electronics, which also has a Cork link.

Founded by rapper Dr Dre and legendary music producer Jimmy Iovine, Beats Electronics is best known for its ‘Beats by Dr Dre’ line of headphones.

Dr Dre, who founded pioneering rap group NWA in 1986 and helped launch the careers of Eminem and 50 Cent, has for the last two years based three of his companies in Clonakilty to avail of Ireland’s generous corporate tax rate, thereby reducing his tax liability.