It looks like Beats Electronics and HTC may part ways, possibly ending the three year partnership that gave the Taiwanese company an edge when it came to smartphone speakers. Today, the smartphone maker has agreed to sell its remaining Beats shares, trading a 24.84 percent stake in the company for $265 million, Nasdaq reports.
Back in 2011, the founders of Beats Electronics—Dr. Dre and music mogul Jimmy Lovine—sold a controlling share of the company to HTC, receiving $300 million in exchange for a 50.1 percent stake. A year and a half later, the headphone-makers bought back half of those shares for $150 million, while the company’s audio technology continued to show up in HTC’s high-end devices.
It’s unclear if today’s buyback announcement will mean the end to HTC and Beats’ partnership. The struggling Taiwanese company claims the working relationship will continue. Beats Electronics, meanwhile, continues to expand its business, with an eye on designing speaker systems for cars and even a new music streaming service.