As reported earlier, Apple was in advance talk with Intel to sign an agreement for the former to acquire the majority of Intelâ€™s smartphone modem business.
In this deal, about 2,200 Intel employees will join Apple, along with intellectual property, equipment and leases, to make modems for Appleâ€™s line of iPhones and iPads. Intel will, however, retain the ability to develop modems for non-smartphone applications, such as PCs, internet-of-things devices and autonomous vehicles.
This acquisition boosts Appleâ€™s portfolio to over 17,000 wireless technology patents, ranging from protocols for cellular standards to modem architecture and modem operation.
The transaction is valued at $1 billion and is expected to wrapped up in the last quarter of 2019, subject to regulatory approvals and other requirements.