Apple completes purchase of Intel's Smartphone Modem Business

Intel completed the sale of the majority of its smartphone modem business to Apple.

The deal, which was valued at $1 billion, includes intellectual property, equipment, leases and approximately 2,200 Intel employees.

Intel said the transaction enables it 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.

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. Intel will retain the option to develop modems for non-smartphone applications, such as PCs, internet of things devices and autonomous vehicles.