Intel Completes $1B Sale of Most of Its Smartphone Modem Business to Apple

Intel completed the sale of most of its smartphone modem business to Apple for $1 billion, Intel said Monday. About 2,200 employees will leave for Apple under the midsummer deal in which Intel will keep rights to develop modems for non-smartphone applications, such as PCs, IoT devices and autonomous vehicles (see 1907250072). Intel abandoned the 5G smartphone modem business in April, saying it saw “no clear path to profitability and positive returns" (see 1904170004).