European Union antitrust regulators will reportedly decide by July 30 whether or not to clear Apple's $3 billion bid for music streaming audio equipment company Beats.

The deadline was announced by the European Commission, according to Reuters.

Apple confirmed that it had reached a deal with Beats in May.

 The iPhone maker feels that the deal will help it catch up in the fast-growing and lucrative music streaming business.

The European Commission can either clear the deal "unconditionally" or demand concessions if it feels there is a competition problem.

It can also open an investigation if it had deeper concerns.

Beats and Apple executives said that the companies will work together to provide consumers around the world more options to listen to music.

Apple's iTunes, which offers individual songs and albums and a streaming radio service, will continue to be available alongside the Beats music service option, according to the iPod maker.

Apple is paying for the deal with $2.6 billion in cash, and $400 million in stock, according to the newspaper.

Once finalized, the Beats deal would be Apple's largest ever.

"Apple was at the front of that curve, and if that's the reason for the acquisition it would lend credence to the view that maybe they're not ahead of the curve anymore," said Maynard Um, a financial analyst for Wells Fargo, according to The New York Times.

Make sure to check back once the deal is officially confirmed.

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