Intel Corporation says it has completed a $1 billion sale of most of its smartphone modem business to Apple.

The deal goes down as Apple’s second-biggest acquisition in its 42-year history. Apple will absorb patents, equipment and roughly 2,200 Intel workers.

Apple will pay $1 billion to acquire Intel’s smartphone modem business in a deal that was announced by the two companies this afternoon..

Apple will absorb patents, equipment and about 2,200 Intel employees if the deal meets regulatory approval. The two companies hope to close the deal by the end of the year.