Apple Acquires Intel Modem Business for $1 Billion

Apple recently confirmed that it signed an agreement to buy the majority of Intel's smartphone modem business for $1 billion. The deal will make Apple gain some patents and intellectual property, and over 2000 Intel employees will join the Apple Inc.

The $1 billion acquisition is expected to close in the 4th quarter of 2019. The deal is Apple's second-largest after the purchase of Beats Electronics(makers of Beats By Dre) for $3 billion in 2014.

The acquisition will put Apple well on the path to producing its 5G modems for its smartphones. The deal will enable Apple to manufacture the modem technology and integrate those modems into its products.

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