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Update 7/25: This article has been updated with news of the sale.
The race to 5G just added a new lane. Following a report in the Wall Street Journal earlier this week, Apple has announced that it will be acquiring the majority of Intel’s smartphone modem chip business, which went belly-up earlier this year. The transaction is valued at $1 billion and is expected to close in the fourth quarter of this year, Apple said in a press release.