Bennett said no money exchanged hands yet, there will be no financial impact until late this year. The plan is reportedly to make a Kaby Lake processor for the entry-to-mid level performance segment. This chip will feature Radeon graphics but it will not be on die, it will be a multi-chip module (MCM).
If the rumors are correct, this Kaby Lake + Radeon IGP chip should hit the market by late 2017. It's believed to be a very limited model but if it all pans out there could be a wider graphics collaboration between AMD and Intel in the future.