The Carlyle Group has agreed to make a minority investment in Beats Electronics, the audio brand co-founded by music icon Dr. Dre and Interscope Geffen A&M Chairman Jimmy Iovine.
Carlyle will work with the Beats management team to continue expanding the brand and building the business both domestically and internationally, says the company.
Additional terms of the transaction, which is expected to close in the fourth quarter of 2013, were not disclosed.
In another development, Beats has entered into a definitive agreement to reacquire the minority stake in Beats held by HTC.
Equity for Carlyle’s investment will come from affiliates of Carlyle Partners V, Carlyle’s $13.7 billion U.S. Buyout fund.
[Image courtesy: Beats Electronics]