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EU clears US$3 bil. deal between Apple and Beats

BRUSSELS--The European Commission said Monday it has cleared Apple's US$3 billion (2.2 billion euros) acquisition of U.S. headphone maker and music streaming business Beats.

Brussels had been concerned the takeover of Beats Electronics, founded by rapper Dr. Dre and music industry giant Jimmy Iovine, by the technology giant could hurt competition as both make headphones.

But on Monday the European Union's executive arm ruled that even combined they would have only a very modest market share and face stiff competition from the likes of Bose, Sennheiser and Sony.

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