Apple’s rumored deal with Beats Electronics has been confirmed, with the former paying $2.6 billion in cash and $400 million in equity Apple Inc. (AAPL) has confirmed that it is acquiring headphone maker Beats Electronics for $3 billion. Earlier this month, when rumors about the acquisition first surfaced, the figure was reported to be $3.2 billion, but Apple is actually paying just a tad less: $2.6 billion in cash and $400 million in equity, which will vest over time. Beats co-founders, Jimmy Iovine and Dr. Dre, will join the tech giant, with the former leaving all other job posts to come to Apple. The deal is expected to be finalized by the end of September this year. This is Apple’s biggest acquisition to date, and is expected to help it in furthering its music ecosystem, which has been losing its luster amid the shift to music streaming instead of music purchasing and downloading. In a memo to employees, Tim Cook emphasized Apple's role in the music industry, reminiscing about how the company used to sell Macs to musicians, and later on began selling digital music to millions of people via its iTunes Store. Importantly, the acquisition marks the first new thing in Apple's portfolio since the iPad, and it cost just 1.73% of the $150.6 billion in cash and marketable securities that Apple is sitting on.