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Carlyle pays $265M for 24.8-percent stake in Beats

NEW YORK (AP) -- Carlyle Group is buying HTC's remaining stake in Beats Electronics LLC for $265 million, HTC said Friday.

Beats Electronics is the parent company of the Beats by Dr. Dre line of popular high-end headphones and other music devices.

HTC Corp., a Taiwan-based maker of smartphones and tablets, bought a majority share in Beats in 2010, but later sold half of the shares back to its founders, leaving it with 24.8 percent. The majority owners of the company are co-founders Andre Young, better known as rapper and producer Dr. Dre, and Jimmy Iovine, the co-founder of Interscope Records.

Carlyle, a New York-based asset manager, expects to close the deal during the fourth quarter.

Shares of The Carlyle Group lost 19 cents to $26.44 in midday trading.