The deal is estimated to be valued at $1 billion.

Apple aims to acquire Intel’s patent portfolio in a deal currently valued at around $1 billion. According to a report by the Wall Street Journal, a deal could be finalized within the next week. Intel’s recent decision to exit the 5G smartphone-modem market has caught the tech industry off guard. Intel CEO Bob Swan previously stated that the move was due to the lack of a clear path to profitability and positive returns.

For Apple, acquiring Intel’s smartphone business would provide greater control over a crucial component of its operations. Having control over this component could prove beneficial, especially as Apple gears up to produce 5G-compatible iPhone models. While discussions about a potential deal between Intel and Apple have taken place previously, earlier negotiations faltered after Apple struck a separate agreement with Qualcomm.