The European Commission says yes to Apple’s purchase of Beats

On Monday, the European Commission (EC) approved Apple’s $3 billion acquisition of Beats. The deal was cleared under the EU Merger Regulation legislation, according to AppleInsider. The EC said Apple's purchase of Beats would not be detrimental to consumers. The commission found that although both companies sell headphones in Europe, neither is a market leader. They also noted that the headphones designed by Apple and Beats “differ markedly in functionality and design.” Beat Music, the streaming music service which Apple will own once the sale is complete, isn’t currently available in Europe. On this:

The Commission concluded that Apple faces several competitors in the (European Economic Area) such as Spotify and Deezer, making it implausible that the acquisition of a smaller streaming service that is not active in the EEA would lead to anticompetitive effects," it said. "The Commission also concluded that the transaction would not give Apple the ability and incentive to shut out competing streaming services from access to iOS, Apple's operating system for mobile devices.

First announced in May, the $3 billion acquisition of the music streaming and audio equipment company, would be Apple’s largest to date. Apple is buying Beats at the purchase price of approximately $2.6 billion, with approximately $400 million vested over time. As part of the deal, Beats co-founders Jimmy Iovine and Dr. Dre will join the company in executive roles.

In June, representatives from the European Union had indicated that a decision would come before July 30.

Subject to U.S. regulatory approvals, Apple has said it expects the transaction to close in fiscal Q4.

See also: Bose files suit against Apple-owned Beats over noise-canceling headphone patents, Apple is reportedly ready to cut ties with long-time ad partner TBWA, and Apple Is Working On Home Products That Are More Than Fancy Smoke Detectors.

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