It's Official -- Apple Acquires Intel's Smartphone Modem Business
Apple (NASDAQ: AAPL) and Intel (NASDAQ: INTC) confirmed yesterday that the iPhone maker would acquire Intel's smartphone modem business in a deal valued at about $1 billion. The agreement would result in about 2,200 Intel employees joining Apple's workforce and is expected to close in the fourth quarter. Stories emerged in recent days suggesting such a deal was imminent.
In a joint press release, the companies said that Intel would retain the right to develop modems for non-smartphone applications, such as personal computers, internet-of-things (IoT) devices, and self-driving cars.
Following the close of the deal, Apple will hold over 17,000 wireless technology patents ranging from protocols for cellular standards to modem architecture and modem operation, including those patents already in its portfolio. This wraps up a deal that has been long in the making, and results in a win-win for both companies.
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