It's Official: Apple to Acquire Intel's Smartphone Modem Business for $1 Billion
Apple announced today in a press release that it has signed an agreement with Intel to acquire the majority of its smartphone modem business for $1 billion US dollars.
It’s finally official, Apple wants to acquire the majority of Intel’s smartphone modem business, along with more than 2,200 Intel employees, intellectual property, equipment, and leases, in an attempt to manufacture modems for future iPhone devices. The transaction will cost Apple no less than $1 billion US dollars and it is expected to close sometime in the fourth quarter of 2019 if everything goes well.
“We’ve worked with Intel for many years and know this team shares Apple’s passion for designing technologies that deliver the world’s best experiences for our users,” said Johny Srouji, Apple’s senior vice president of Hardware Technologies. “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 envi… (read more)