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.