The European Union's antitrust authority has cleared Apple's $3 billion deal to buy Beats Electronics, which makes headphones and offers music streaming services.
The 28-nation bloc's executive Commission said Monday the transaction does not threaten competition because the firms' combined European market share in both fields will be low while facing strong competitors.
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The takeover of Beats Electronics and Beats Music announced in May for $2.6 billion in cash and $400 million in stock is the most expensive acquisition in Apple's 38-year history.
The move to buy Beats, founded by rapper Dr. Dre and Jimmy Iovine, was widely seen as a bid to counter the increasing threat posed by music streaming services like Pandora and Spotify to Apple Inc.'s iTunes store.