REUTERS: 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 US$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.Shares of Intel rose 1.5per cent to US$52.10, while those of Apple were up marginally in extended trading. Qualcomm's shares were down about 2per 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.