Apple gets into 5G race; acquires Intel phone modem business for $1 billion
American technology company Apple has announced the acquisition of chip-maker Intel's smartphone modem business for $1 billion. Approximately 2,200 Intel employees will join Apple, along with intellectual property, equipment and leases, the Cupertino-based iPhone maker said in a statement late Thursday. The transaction is expected to close in the fourth quarter of 2019. "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," said Intel CEO Bob Swan. "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," he added. Apple will hold over 17,000 wireless technology patents, ranging from protocols for cellular standards to modem architecture and modem oper