Intel Completes Sale of Smartphone Modem Business to Apple

Intel Completes Sale of Smartphone Modem Business to Apple
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Intel 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.

Approximately 2,200 Intel employees will join Apple, along with intellectual property, equipment and leases. Intel said that this transaction enables them 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.

“We have long respected Apple and we’re confident they provide the right environment for this talented team and these important assets moving forward. We’re looking forward to putting our full effort into 5G where it most closely aligns with the needs of our global customer base, including network operators, telecommunications equipment manufacturers and cloud service providers,“ said Intel CEO Bob Swan in July.