Apple Inc is in advanced talks to buy chipmaker Intel Corp’s smartphone-modem chip business, the Wall Street Journal reported on Monday. Photo: File

INTERNATIONAL - 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, 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 Inc, 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 percent to $52.10, while those of Apple were up marginally in extended trading. Qualcomm’s shares were down about 2 percent 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.

Reuters