Apple Inc. (NASDAQ:AAPL) would be completing its acquisition of Beats Electronics and closing the deal by August 1. The $3 billion deal for the music streaming and audio equipment company will close with around 40% of its global workforce, or 200 of its employees, being laid off by Apple Inc. (NASDAQ:AAPL) as reported by the New York Post, citing sources close to the matter.
The top management team of Beats Electronics, which include music chiefs Luke Wood, Ian Rogers, and Trent Reznor, will join Apple Inc. (NASDAQ:AAPL). The founders of Beats Electronics, Jimmy Iovine and Dr. Dre will also join Apple Inc. (NASDAQ:AAPL), as it was reported earlier.
Apple Inc. (NASDAQ:AAPL) has said that it has offered limited period jobs to the employees only because there were some overlaps between the operations of the two companies and during this time Apple will try to find permanent jobs for these employees at their company.