July 22, 2019 / 9:40 PM / 3 months ago

Apple in advanced talks to buy Intel's smartphone-modem chip business: WSJ

FILE PHOTO: The logo of Apple is seen at a store in Zurich, Switzerland January 3, 2019. REUTERS/Arnd Wiegmann

(Reuters) - Apple Inc (AAPL.O) is in advanced talks to buy chipmaker Intel Corp’s (INTC.O) 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 $1 billion or more, could be reached in the next week, according to the WSJ. (on.wsj.com/2Yi5E6H)

Intel announced it would exit the 5G modem chip business in April, hours after Apple settled a longstanding legal dispute with Qualcomm Inc (QCOM.O), 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.

While Apple declined to comment, Intel did not respond to a Reuters request for comment.

Shares of Intel rose 1.5% to $52.10, while those of Apple were up marginally in extended trading. Qualcomm’s shares were down about 2% 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.

Reporting by Vibhuti Sharma in Bengaluru; Editing by Sriraj Kalluvila and Anil D'Silva

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