According to a Business Wire report, US tech giant Apple has recently enhanced its portfolio with the acquisition of high-end headphones maker Beats Electronics and subscription streaming music service Beats Music for a total of $3 billion. The purchase price of the two companies is nearly $2.6 billion, with $400 million to vest over time.

Under the terms of the Beats acquisition deal, Jimmy Iovine and Dr. Dre - the co-founders of Beats Electronics - will join Apple. Both Iovine and Dr. Dre are sound pioneers, artists and entrepreneurs.

Iovine has been at the forefront of innovation in the music industry for several years, and has also been an influential collaborator for Apple and iTunes for over a decade. His collaboration with renowned artists has helped make iTunes Store the world's leading music retail store.

Pointing out that the inspiration for Beats Electronics was drawn from "Apple's unmatched ability to marry culture and technology," Iovine said that Apple is "special" because of the fact that the company is deeply committed to music fans, songwriters, artists, and the music industry.

About the acquisition of Beats by Apple, Iovine said: "I've always known in my heart that Beats belonged with Apple."