Apple has agreed to buy quantum computing company Quantum Computing to be a majority shareholder.
The acquisition, which was announced today, will also create an all-stock company with the same name.
Quantum Computing, which is owned by Intel, will become a wholly-owned subsidiary of Apple and will operate in the same fashion as Intel, according to the company’s press release.
It will have an advisory board of senior management, and the two companies will work together on product development and commercialization, according the press release from Apple.
Apple will retain control over all strategic decisions relating to the acquisition, including the development and sale of new products and intellectual property, as well as operating and regulatory arrangements, the release said.
We are excited about the opportunity to bring together a team of top-tier talent, including a veteran entrepreneur with a proven track record in innovation and technology.
The acquisition will enhance our ability to deliver a comprehensive and focused portfolio of products and services, including new iPhone products, in line with the company ‘s core competencies and priorities, the company said.
In addition, Apple will retain a significant portion of the existing Quantum Computing business, which includes its digital-video processing unit, a digital-audio player, and its quantum computing business.
Intel has been building its Quantum Computing enterprise software and services business for the past 10 years and was the first to introduce quantum computing into PCs.
With the new acquisition, Apple has added a strong complement of high-quality and highly productive talent to help bring Quantum Computing forward.
Apple is not the only tech giant looking to get into quantum computing.
Samsung and Google have both announced plans to bring quantum computing to smartphones, tablets and other devices.
There is no firm date for when the quantum computing deal will be completed.