Intel to buy Mobileye for $ 15.3 billion

Posted on:14 Mar 2017 09:35:31
Intel to buy Mobileye for $ 15.3 billion
14 March 2017 Current Affairs: Intel has announced a deal under which it will buy Israeli technology company Mobileye for $15.3 billion. Mobileye provides anti-collision, driver assistance, and autonomous driving solutions. Intel will buy all the shares of Mobileye at $63.54 per share in cash. 

The acquisition will combine the computer vision expertise of Mobileye with the high-performance computing of Intel to create automated driving solutions from the cloud through the network to the car.

Prof Amnon Shashua, Mobileye’s Co-founder, Chairman, and CTO will lead this new combined entity. He will further report to Intel CEO, Brian Krzanich.

Intel has estimated the vehicle systems, data and services market to be around $70 billion by 2030.

Founded in 1999 in Israel, Mobileye went public on New York Stock Exchange (NYSE) back in 2014. In 2016, tesla stopped doing business with Mobileye after self-driving car crashed, causing the death of the driver.

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