Apple, an American multinational technology company, agreed to acquire a majority stake in Intel’s smartphone modem business for $1bn. Approximately 2,200 Intel employees will join Apple, along with intellectual property, equipment and leases. The transaction is expected to close in the fourth quarter of 2019, subject to regulatory approvals and other customary conditions, including works council and other relevant consultations in certain jurisdictions. "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. We have long respected Apple and we’re confident they provide the right environment for this talented team and these important assets moving forward. 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," Bob Swan, Intel CEO.