Apple Buying Intel's 5G Smartphone Modem Business For $1B

Apple has signed an agreement to acquire Intel’s smartphone modem business for $1 billion.

As part of the deal, 2,200 Intel employees will join Apple, which will then hold more than 17,000 wireless technology patents.

Intel will retain the ability to develop modems for non-smartphone applications, such as Internet of Things devices, personal computers and autonomous vehicles, according to the announcement.

“We have long respected Apple and we’re confident they provide the right environment for this talented team and these important assets moving forward,” stated Intel CEO Bob Swan.

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