Apple boost negotiation to buy Intel's smartphone-modem chip business

reuters

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Intel announced it would exit the 5G modem chip business in April.

Shares of Intel rose 1.5 per cent to USD 52.10, while those of Apple were up marginally in extended trading. (Photo: AP)

Apple Inc is in advanced talks to buy chipmaker Intel Corp’s smartphone-modem chip business, the Wall Street Journal reported on Monday, citing people familiar with the matter.

Assuming talks don't fall apart, the deal, valued at USD 1 billion or more, could be reached in the next week, according to the WSJ.

Intel announced it would exit the 5G modem chip business in April, hours after Apple settled a longstanding legal dispute with Qualcomm Inc, a key supplier of iPhone modem chips.

The Journal had reported in the same month that Intel was exploring a sale for its modem chip business to Apple or another acquirer.

While Apple declined to comment, Intel did not respond to a Reuters request for comment.

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Shares of Intel rose 1.5 per cent to USD 52.10, while those of Apple were up marginally in extended trading. Qualcomm’s shares were down about 2 per cent on the report.

Intel is expected to report second-quarter results on July 25, while Apple is scheduled to report its third-quarter earnings on July 30.

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