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Report: Intel plans to sell majority stake in augmented reality business

Intel Corp. intends to sell a majority stake in its augmented reality division and is seeking investors with strong expertise to contribute to the growth of the business.

The company's augmented reality business, valued at about $350 million, plans to start sales of smart glasses to consumers as early as 2018, Bloomberg News reported, citing anonymous sources. The division has about 200 employees in the U.S., Switzerland and Israel.

The glasses can pair with a mobile phone through Bluetooth and allow viewers to see contextual information in their field of view through the use of a laser-based projector. The business is expected to be sold under the name of Vaunt.

Intel has not been able to make progress in the wearable technology market and has been scaling back its consumer product efforts.

Goldman Sachs estimates that the augmented reality and virtual reality hardware market will be worth about $110 billion by 2025, the news outlet said.