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$ 1 billion! Apple completes acquisition of Intel's smartphone modem business

After Apple announced in July this year that it had acquired Intel's smartphone modem business for about $ 1 billion, today Intel announced that it has completed the sale of its smartphone modem business to Apple.

"The agreement allows us to focus on developing technologies for 5G networks while retaining key intellectual property and modem technologies that our team has created," Intel CEO Bob Swan said in a July announcement. We have always respected Apple for a long time, and we are confident that Apple can provide a suitable environment for this talented team and the important assets that are constantly developing. We look forward to fully investing in 5G to bring it closest to the needs of our global customer base, including network operations Vendors, telecommunications equipment manufacturers, and cloud service providers. "

According to the statement, 2,200 Intel employees will join Apple. Apple paid $ 1 billion for Intel employees, intellectual property, and other equipment. The transaction is expected to close in the fourth quarter.

Johny Srouji, Apple's senior vice president of hardware technology, said: "We have been working with Intel for many years and know that the team is as passionate as Apple in designing technologies that will provide users with the best experience in the world. . With so many excellent engineers joining our growing cellular technology team, Apple is pleased that they will thrive in the creative and dynamic environment provided by Apple, coupled with our large number of acquisitions of innovative IP, will help speed up We develop future products and take Apple a step further. "

Currently, Apple relies on Qualcomm to provide 4G LTE and 5G modems for the iPhone. With this acquisition, Apple plans to develop its own iPhone smartphone modem in 2021.