Intel Completes Sale of Smartphone Modem Business to Apple
December 02 2019 - 9:00AM
Business Wire
Intel Corporation today announced it has completed the sale of
the majority of its smartphone modem business to Apple. This
transaction, valued at $1 billion, was announced on July 25, 2019.
As previously disclosed, this transaction enables Intel to focus on
developing technology for 5G networks while retaining the option to
develop modems for non-smartphone applications, such as PCs,
internet of things devices and autonomous vehicles.
About Intel
Intel (NASDAQ: INTC), a leader in the semiconductor industry, is
shaping the data-centric future with computing and communications
technology that is the foundation of the world’s innovations. The
company’s engineering expertise is helping address the world’s
greatest challenges as well as helping secure, power and connect
billions of devices and the infrastructure of the smart, connected
world – from the cloud to the network to the edge and everything in
between. Find more information about Intel at newsroom.intel.com
and intel.com.
Forward-Looking Statements
This press release contains forward-looking statements relating
to the expected benefits of the sale of the majority of Intel’s
smartphone modem business to Apple and Intel’s future plans and
expectations. Such statements are based on management expectations
as of the date of this release and, except as required by law,
Intel disclaims any obligation to update these forward-looking
statements to reflect future events or circumstances.
Forward-looking statements involve many risks and uncertainties
that could cause actual results to differ materially from those
expressed or implied in such statements. Important factors that
could cause actual results to differ materially are set forth in
Intel’s earnings release dated Oct. 24, 2019, which is included as
an exhibit to Intel’s Form 8-K furnished to the SEC on such date.
Additional information regarding these and other factors that could
affect Intel’s results is included in Intel’s SEC filings,
including the company’s most recent reports on Forms 10-K and 10-Q.
Copies of Intel’s Form 10-K, 10-Q and 8-K reports may be obtained
by visiting our Investor Relations website at www.intc.com or the
SEC’s website at www.sec.gov.
© Intel Corporation. Intel, the Intel logo, and other Intel
marks are trademarks of Intel Corporation or its subsidiaries.
Other names and brands may be claimed as the property of
others.
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version on businesswire.com: https://www.businesswire.com/news/home/20191202005256/en/
Brooke Wells 503-613-8230 brooke.wells@intel.com
Cara Walker 503-696-0831 cara.walker@intel.com
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