WHAT: Global private equity firm the Carlyle Group has agreed to invest $500 million for a minority stake in Beats Electronics, the premium audio manufacturer founded by Jimmy Iovine and Dr. Dre. The deal, which is expected to close in the fourth quarter, gives the 7-year-old Santa Monica, Calif., electronics company a valuation of $1.1 billion, up more than 66% from just two years ago.

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