Apple to acquire majority of Intel’s smartphone modem business in a deal valued at $1 billion
After reports, Apple and Intel have confirmed that Apple will acquire the majority of Intel’s smartphone modem business in a transaction valued at $1 billion. Approximately 2,200 Intel employees will join Apple, along with intellectual property, equipment and leases. Intel closed its 5G modem business in April this year after Apple and Qualcomm announced a settlement and prior to this, Intel became the sole third-party provider of modems of the iPhones launched in 2018. "Combining the acquired patents for current and future wireless technology with Apple’s existing portfolio, Apple will hold over 17,000 wireless technology patents, ranging from protocols for cellular standards to modem architecture and modem operation," said Apple. Intel will retain the ability to develop modems for non-smartphone applications, such as PCs, internet-of-things devices and autonomous vehicles. It added that this will not impact to Intel’s 4G smartphone modem business. Intel also reported second-quarter revenue of $16.5 billion, down 3% year-over-year (YoY), and profit was down $4.2 billion down 17% year-over-year (YoY). The company said that the second quarter results exceeded its expectations on both revenue and earnings. The transaction is expected to close in the fourth quarter of 2019 after regulatory approvals and other customary conditions. Commenting on this, Intel CEO Bob Swan, said: This agreement enables us to focus on developing ... 
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