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July 26 (UPI) -- Tech giant Apple says it will buy Intel's smartphone modem business for $1 billion, a move that should enhance the company's 5G ambitions. Apple announced the buy Thursday, under which it will acquire 2,200 Intel employees, intellectual properties and equipment.
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The company said the deal also grows the number of its wireless technology patents to more than 17,000.
"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," Intel CEO Bob Swan said in a statement.
"Apple is excited to have so many excellent engineers join our growing cellular technologies group," Apple executive Johny Srouji added.
Intel retains its non-smartphone applications, like personal computers, internet-of-things and autonomous vehicles.
The companies expect the deal to be finalized by the end of the fiscal year.
