Intel Upgrades Its Cell Phone—Buys Infineon's Wireless Solutions Business for $1.4bnS

Intel has agreed to buy Infineon Technologies' Wireless Solutions business for around $1.4bn, as it positions itself to grab a chunk of the rapidly exploding smartphone market. Intel's CEO Paul Otellini said of the deal "The acquisition of Infineon's WLS (Wireless Solutions) business strengthens the second pillar of our computing strategy—internet connectivity—and enables us to offer a portfolio of products that covers the full range of wireless options from Wi-Fi and 3G to WiMax and LTE (4G)."

Infineon's baseband chips are found in many of today's popular wireless toys, most notably Apple's iPhone 4 and iPad. [Cnet]