Apple announced it is acquiring most of intel's smartphone modem business


As rumored and long speculated, Apple and Intel announced a deal to transfer Intel's mobile phone modem business to Apple.

Apple and Intel have signed an agreement for Apple to acquire the majority of Intel’s smartphone modem business. Approximately 2,200 Intel employees will join Apple, along with intellectual property, equipment and leases.

The deal is valued at $1 billion and is expected to close by the end of the year.

The deal will help jump start its own 5G modem development for the iPhone

Apple senior vice president of Hardware Technologies Johny Srouji:
"Apple is excited to have so many excellent engineers join our growing cellular technologies group, and know they’ll thrive in Apple’s creative and dynamic environment. They, together with our significant acquisition of innovative IP, will help expedite our development on future products and allow Apple to further differentiate moving forward."