Science

Intel Buying Israeli Self-Driving Car Technology company Mobileye for $15 Billion

Intel Buying Israeli Self-Driving Car Technology company Mobileye for $15 Billion

Intel has announced it is to acquire autonomous driving systems provider Mobileye for $15.3 billion (£12.5bn) as it aims for market leadership in the connected vehicle space.

Mobileye is Intel's second-biggest acquisition behind the purchase of Altera Corp.

Speaking about the deal, Intel's CEO, Brian Krzanich said that the acquisition of Mobileye will "bring together the assets of Intel's Xeon processors, FPGAs, 3D XPoint memory and 5G modems with the world leader in automotive computer vision".

Mobileye stock was last trading at $47.16 per share on Friday, which means that Intel has agreed to pay just under 35 percent more per share. The company was working with them over computer vision for autonomous driving technology.

Intel says it expects the all cash transaction to close within the next nine months. The entire deal has an estimated equity value of $15.3 billion, and enterprise value of $14.7 billion. The new entity will be led by Mobileye Chairman Amnon Shashua.

Arsenal star Alexis Sanchez issues social media response to bust-up rumours
Mesut Ozil is a doubt for the weekend after being sent home from training with an illness, per Goal's Chris Wheatley. There is no mention in any of the reports as to whether or not Sanchez could be joining a Premier League rival.

Based on Intel stock's decline of almost 2% by midday in trading Monday, it appears investors are less than enamored with its deal for Mobileye.

Prime Minister Benjamin Netanyahu, spoke Monday (March 13) by telephone with Mobileye President and CEO Ziv Aviram and congratulated him on the largest deal in the history of Israel, which he called a source of Israeli pride. The boards of both companies have already approved the deal, which is subject to certain regulatory approvals and other closing conditions.

The U.S. company estimates that the vehicle systems, data and services market will be worth up to 70 billion dollars by 2030.

"By pooling together our infrastructure and resources, we can enhance and accelerate our combined know-how in the areas of mapping, virtual driving, simulators, development tool chains, hardware, data centres, and high-performance computing platforms".

Last year, Qualcomm became the top seller of semiconductors for the auto business when it agreed to buy NXP Semiconductors for $38 billion. Although it reported better-than-expected fourth-quarter earnings in January, it said revenues this year would be flat.


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