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

(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)