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Intel Closes Sale Of Smartphone Modem Business To Apple - Quick Facts

Chipmaker Intel Corp. (INTC) announced Monday it has completed the sale of the majority of its smartphone modem business to iPhone maker Apple Inc. (AAPL) in a transaction valued at $1 billion, which was announced on July 25, 2019.

The 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.

With the acquisition, Apple will hold over 17,000 wireless technology patents.

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