Intel Sells Smartphone Modem Business to Apple

Intel Corporation has completed the sale of the majority of its smartphone modem business to Apple, the company said.

This transaction, valued at USD 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.

Intel (NASDAQ: INTC), a provider of the semiconductor industry, is shaping the data-centric future with computing and communications technology that is the foundation of the world´s innovations. The company´s engineering expertise is helping address the world´s greatest challenges as well as helping secure, power and connect billions of devices and the infrastructure of the smart, connected world — from the cloud to the network to the edge and everything in between. Find more information about Intel at newsroom.intel.com and intel.com.