Apple Acquires NeXT

On December 20, 1996, Apple announced the acquisition of NeXT, the company Steve Jobs had founded after leaving Apple in 1985, for approximately $429 million. The deal was driven by Apple's desperate need for a modern operating system after the failure of its internal Copland project. NeXT's Unix-based NeXTSTEP operating system became the foundation of Mac OS X, and the acquisition also brought back Steve Jobs, who initially served as an adviser before becoming interim CEO in 1997.