Earlier this week a report outlined how Apple could possibly acquire Intel’s smartphone modem business for $1 billion, and now the iPhone maker made the move official in a press release. Apple is acquiring the majority of Intel’s smartphone modem business and is paying $1 billion for it. 2,200 Intel employees will join Apple and the deal which was signed also extends to Intel’s intellectual property, equipment and leases.

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. 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 — Bob Swan, CEO Intel

We’ve worked with Intel for many years and know this team shares Apple’s passion for designing technologies that deliver the world’s best experiences for our users — Johny Srouji, SVP Apple

Apple is now, after the acquisition, the owner of over 17,000 wireless technology patents, ranging from protocols for cellular standards to modem architecture and modem operation. Intel will be able, for the future, to develop modems for non-smartphone products, such as PCs, internet-of-things devices and autonomous vehicles.

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