April 26, 2019 / 7:13 PM / a month ago

Intel puts modem business up for sale, held talks with Apple - WSJ

FILE PHOTO: The Intel logo is shown at E3, the world's largest video game industry convention in Los Angeles, California, U.S. June 12, 2018. REUTERS/Mike Blake

(Reuters) - Intel Corp is exploring strategic options for its modem chip business, including a possible sale to Apple or another acquirer, the Wall Street Journal reported on Friday, citing people familiar with the matter.

Intel decided to exit the 5G modem chip business last week, hours after Apple settled a longstanding legal dispute with Qualcomm Inc, a key supplier of iPhone modem chips.

Apple had held talks with Intel around last summer and continued to do so for months until halting recently around the time of its settlement with Qualcomm, the WSJ report said.

Intel has already received expressions of interest from a number of parties and has hired Goldman Sachs Group Inc to manage the process, which was in an early stage, the report said.

Apple, Intel and Goldman Sachs declined to a request from Reuters for comment.

Shares of Apple closed at $204.3, down 0.53 percent.

Shares of Intel which were down as much as 11 percent on Friday afternoon after it cut its full-year revenue outlook yesterday, pared losses to close at $52.43, down about 9 percent.

Reporting by Sayanti Chakraborty in Bengaluru; Editing by Arun Koyyur

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