Recording artist Dr. Dre wears a pair of Beats headphones as he attends the MLB 2010 season opener between the New York Yankees and Boston Red Sox at Fenway Park in Boston, in this file photo taken April 4, 2010.

Apple Inc said it would buy headphone maker Beats Electronics and streaming music provider Beats Music for about $3 billion.

Beats co-founders Jimmy Iovine and rapper Dr. Dre will join Apple as part of the acquisition.

The transaction is expected to close in the fourth quarter, Apple said on Wednesday.