Apple In Advanced Talks To Buy Intel’s 5G Chip Business For $1 bln : WSJ

Apple is in advanced talks to buy chipmaker Intel Corp’s smartphone-modem chip business, the Wall Street Journal reported Monday, citing people familiar with the matter.


Assuming talks don’t fall apart, the deal, valued at $1 billion or more, could be reached in the next week, according to the WSJ.


Intel announced it would exit the 5G modem chip business in April, hours after Apple settled a longstanding legal dispute with Qualcomm, a key supplier of iPhone modem chips.


The Journal had reported in the same month that Intel was exploring a sale for its modem chip business to Apple or another acquirer.


While Apple declined to comment, Intel did not respond to a Reuters request for comment.


Shares of Intel rose 1.5% to 52.10 U.S. dollars, while those of Apple were up marginally in extended trading. Qualcomm’s shares were down about 2% on the report.


Intel is expected to report second-quarter results Thursday, while Apple is scheduled to report its third-quarter earnings on July 30.


Source(s): Reuters