UPDATE 2-Intel to buy TI’s cable modem unit

* Sees deal closing Q4, terms undisclosed

* Offers TI workers jobs at Intel unit

* TI shares rise 0.86 pct, Intel shares up 1.9 pct
(Adds TI comment, share price update)

NEW YORK, Aug 16 (BestGrowthStock) – Intel Corp (INTC.O: ) said on
Monday that it would buy the cable modem product line of chip
maker Texas Instruments Inc (TXN.N: ) in order to expand its
consumer electronics chip business.

Intel did not disclose the terms of the deal, which it
expects to close in the fourth quarter, subject to regulatory
approval.

Intel plans to combine TI products with Intel chips for
advanced television set-top boxes and modems.

The sale is part of TI’s strategy of prioritizing
investments in embedded processor and analog chip business,
spokeswoman Kim Morgan said.

TI is already moving to exit the cellphone baseband chip
business to focus on higher growth markets.

Intel said it has offered all 40 employees of the TI cable
modem team the opportunity to join its Digital Home Group in
their home countries, primarily Israel.

TI has a workforce of about 26,700.

Intel shares were up 1.9 percent at $19.50 in afternoon
trade on Nasdaq while TI shares were up 0.86 percent at $24.49
on New York Stock Exchange.
(Reporting by Sinead Carew; editing by Gerald E. McCormick,
Gary Hill)

UPDATE 2-Intel to buy TI’s cable modem unit