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

Apple is in advanced talks to buy chipmaker Intel's 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 US$1 billion or more, could be reached in the next week, according to the WSJ.

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