Apple is buying the majority of Intel's smartphone modem business in a $1 billion deal

Apple has struck an agreement to purchase the majority of Intel's smartphone modem business in a deal valued at $1 billion, the iPhone maker announced on Thursday.

The deal, which is expected to close in the fourth quarter of this year pending regulatory approval, will give Apple access to more than 17,000 patents covering wireless technologies like modem architecture, cellular standards, and modem operation. Intel will still be able to develop modems for non-smartphone products, like PCs and smart home devices. About 2,200 Intel employees will be joining Apple.

The announcement comes after The Wall Street Journal previously reported that Apple was in talks to acquire Intel's smartphone modem business.

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