Intel completes sale of mobile modem business to Apple

Intel has announced it has completed the sale of the majority of its smartphone modem business to Apple. This transaction, valued at $1 billion, was announced on July 25. “This transaction enables Intel to focus on developing technology for 5G networks while retaining the option to develop modems for non-smartphone applications, such as PCs, internet of things devices and autonomous vehicles,” said the company in a statement.
The deal is set to give boost to Apple’s 5G plans and has the potential to be hugely beneficial for Apple. While Apple does make a lot of acquisitions, this is certainly one of the most high-profile ones in recent times.
As stated in a news release issued by Apple, approximately 2,200 Intel employees will join Apple, along with intellectual property, equipment and leases. The deal, valued at $1 billion, is expected to close by the end of this year, depending on certain regulatory approvals.