Apple Thursday confirmed plans to buy Intel's 5G modem business. "Approximately 2,200 Intel employees will join Apple, along with intellectual property, equipment, and leases. The transaction, valued at $1 billion, is expected to close in the fourth quarter of 2019," the company said on Thursday.
Apple will use the acquisition to help it "differentiate" the company's products in the future. As part of the deal, Intel will still have access to the technology patents involved, but can only use them to develop modems for non-smartphone devices, such as PCs, smart appliances, and autonomous vehicles.
"This agreement enables us to focus on developing technology for the 5G network while retaining critical intellectual property and modem technology that our team has created," Intel CEO Bob Swan said in the announcement.
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