Peloton shoes to sell to Apple for $1 billion

Peloton Shoes Inc. has agreed to buy Apple Inc.’s Beats Electronics Inc. for $850 million, sources told ESPNCricinfo.

Sources told ESPNcricinfo that the deal will allow Peloton to sell the brand to the world’s largest electronics retailer, Apple.

The deal, expected to close later this week, is expected to be worth about $1.2 billion.

Sources also said that the sale is expected, in part, because Apple is expected “to be the best-performing of the majors in terms of selling its hardware and services to its customers” and has the largest ecosystem of iPhone, iPad and Macs.

Apple’s Apple Music subscription service and Beats Music are the two largest subscription services in the world, with over 10 million subscribers in total.

Apple has said that it will start selling Beats Music, which will be available on iPhones, iPads and Mac computers, on Thursday, Oct. 21.

The deal is expected by analysts to be in line with a previous report from IDC, which said Apple will be the company to beat in the global smartphone market, in a report earlier this month.

Analysts expect that Apple will continue to have an edge over Apple Music, with a valuation of $1,000 billion.