Intel exploring sale of smartphone modem business

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Intel exploring sale of smartphone modem business

Intel 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, 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 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 US$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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