Apple Got a Sweet Deal on Intel's 5G Modem Business
Yesterday evening, Apple (NASDAQ: AAPL) officially confirmed that it would be acquiring "the majority" of Intel's (NASDAQ: INTC) smartphone modem business. Intel had been trying to find a buyer for its modem intellectual property (IP) for the past three months after announcing its exit from the 5G modem market, a withdrawal caused by the Mac maker's surprise settlement with Qualcomm after numerous missteps on Intel's part in developing a competitive 5G modem.
Rumors have been swirling all month that an agreement was imminent. At $1 billion, Apple just got a sweet deal.
Image source: Apple.
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