HTC cuts connections with Beats – sells back 24.84% shares
HTC, in a predictable move has sold back all the remaining shares to Beats Electronics for $265 million.
The Taiwanese firm has been going through a tough phase since a long time now while being heavily dependent on its flagship device HTC One to bring back what it lost. But the device’s numbers gained could not impress HTC’s investors in recent quarters. However the company is trying to release different variants of HTC One.
Today the company has sold back the remaining 24.84% shares to Beats.
HTC in 2011 was partnered with Beats after around 50% stakes of Beats. The partnership extended HTC’s portfolio of smartphones featuring Beats Audio sound technology. Later in 2012 Beats bought back almost 25% of its stakes from HTC.
Today’s announcement means, ’there will be no more Beats Audio device coming on future devices from HTC’. The deal is going to close in fourth quarter of this year.
With HTC One, the company had introduced its own front-facing speaker sound technology called HTC BoomSound. The company haven’t announced if its future devices will have any in-house earphone audio technology or if it will join with other mobile sound companies like Dolby.