(Reuters) – Apple Inc is in advanced talks to buy chipmaker Intel Corp’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 $1 billion or more, could be reached in the next week, the people told WSJ.
While Apple declined to comment, Intel did not immediately respond to a Reuters request for comment.
Shares of Intel rose nearly 2% to $52.23, while those of Apple were up marginally at $207.66 in extended trading.
(Reporting by Vibhuti Sharma in Bengaluru; Editing by Sriraj Kalluvila)