
Intel's smartphone modem business acquired by Apple for $1bn
India TV NewsApple has announced the acquisition of chip-maker Intel's smartphone modem business for $1 billion. Also, read: Google ventures with its e-commerce shopping platform to take on Amazon Approximately 2,200 Intel employees will join Apple, along with intellectual property, equipment and leases, the Cupertino-based iPhone maker said in a statement late Thursday. "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," said Intel CEO Bob Swan. "We're looking forward to putting our full effort into 5G where it most closely aligns with the needs of our global customer base, including network operators, telecommunications equipment manufacturers and cloud service providers," he added.
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