July 26 - 09:07
Apple confirms $1 billion buyout of Intel's smartphone modem unit
Apple is paying $1 billion for Intel's smartphone chip business. The deal, first reported earlier this week, has now been confirmed by both companies. Apple will absorb 2,200 Intel employees and will increase its number of wireless technology patents to 17,000. Intel, whose shares rose 5.7% after the news, will continue to develop modems for non-smartphone technology.
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