Apple Inc is reportedly nearing a deal to purchase headphone maker Beats Electronics for a whopping sum of $3.2 billion, according to a report by the Financial Times.
The deal for Beats, which also runs a streaming music service, would be the largest acquisition ever made by Apple.
Rapper/producer Dr. Dre and music producer Jimmy Iovine founder Beats Electronics, which primarily manufactures products under the brand name "Beats by Dr. Dre,"
The company competes with headphones made by Skullcandy Inc., Bose Corp, and Sennheiser Electronics.
"This is really puzzling," said Forrester analyst James McQuivey, according to Reuters. "You buy companies today to get technologies that no one else or customers that no one has. They must have something hidden, under the hood."
Apple's Chief Executive Tim Cook met with Iovine last year to discuss a partnership involving Beats' planned music-streaming service, according to Reuters.
In the past Dre, who has guided the careers of artists like Eminem and 50 Cent, compared Beats with Apple back in 2011.
"We're trying to eventually be second to Apple. And I don't think that's a bad position," Dre said to The Fader music website.
Apple and Beats Electronics have not commented publically regarding the deal.
In September, Beats Electronics received a $500 million investment from Carlyle Group that valued the company at over $1 billion.
Beats also purchased last September a 24.84 percent stake held by Taiwan smartphone maker HTC Corp.
See Now: OnePlus 6: How Different Will It Be From OnePlus 5?
