News Update: Intel Nears Deal To Buy Infineon's Wireless Business: Bloomberg

Intel Corp. (NASDAQ:INTC), the world's largest chipmaker, is nearing a deal to acquire Infineon Technologies AG's wireless business, according to three sources familiar with the deal.

An announcement could be made as early as this week the sources indicated.

Infineon, which is Europe's second-largest chipmaker, is looking for about $1.91 billion for its wireless business, two of the sources said.

An acquisition of the unit, which is responsible for creating processors used in Apple's (NASDAQ:AAPL) iPhone, comes in the wake of Intel's (NASDAQ:INTC) $7.68 billion acquisition of McAfee, which was announced on August 19th.

Intel CEO Paul Otellini has turned to the acquisition strategy to get its chips into a wider range of hardware. Intel's chips can be found in over 80% of the world's computers, but they fall short in the phone industry.

SmarTrend alerted subscribers to take profits in Intel on August 11, 2010 at $19.44, since then the stock fell 6.1%. We are now watching for any positive developments that could result in a new uptrend signal.

Category:

News & Politics

Tags:

• intel
• corp
• intc
• ag
• technologies
• business
• bloomberg
• aaple
• aapl
• mcafee
• paul
• otellini
• stock
• market
• news
• smartrend