Intel announced the sale of its smartphone modem business is now complete. Apple paid the chip giant $1 billion for this loss-making unit. In exchange, Apple gets 2,200 employees and a patent portfolio with current and future smartphone modem technology.
Intel Corporation today announced it 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, 2019. As previously disclosed, this transaction enables Intel 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.