Apple in talks to buy Intel's smartphone chip business for $1bn - reports

Intel announced it would exit the smartphone chip business earlier this year

Apple is in talks to buy Intel's smartphone-modem chip business in a deal valued at at least $1bn (£804m), according to reports.

The Wall Street Journal (WSJ) said that the deal could be completed in the next week. Intel revealed it would be abandoning its 5G modem chip business in April, soon after Apple announced it had settled its long-running legal battle with iPhone supplier Qualcomm.

The 5G business has been losing roughly $1bn annually, the WSJ said, citing people familiar with its performance.

Apple made an acquisition related to iPhone manufacturing last year, when it took a $600m bite out of UK-based chip maker Dialog Semiconductors.

Intel's share price rose more than 2.7 per cent in after-hours trading.

Apple and Intel did not comment on the story.