Intel to acquire driver assistance systems manufacturer Mobileye
14 March, 2017, 00:41 | Author: Rachel Hardy
Intel has placed a huge bet on the success of driverless cars by laying out over $15 billion to acquire Mobileye, and Israeli company which develops "autonomous driving systems". Most importantly, a test with 40 self-driving cars, in partnership with BMW, will continue as scheduled, meaning that this technology is only going to get closer. Most notably, its technology is used by Tesla Inc.in its Model S vehicles, although the companies announced plans to part ways following a fatal crash a year ago. 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.
Intel will also move its entire automotive unit to Israel, where it will be headed by Prof.
According to the agreement, Intel will launch a tender offer to acquire all of Mobileye's issued and outstanding ordinary shares for $63.54 per share in cash, Globes reported. Intel must have liked its work because it has made a decision to acquire MobilEye for $15.3 billion.
The combined global autonomous driving company, which includes Mobileye and Intel's autonomous driving group, will be based in Israel, supporting both companies' existing production programs and building on relationships with automakers, Tier-1 parts suppliers and semiconductor partners, the companies said. Intel estimates that the market for autonomous vehicles will be worth $70 billion by 2030. Intel has been working with them for a while now on developing gen-next computer vision based technologies for autonomous driving.
Speaking about the deal to unite Intel's processors with Mobileye's computer vision, Intel Chief Executive Brian Krzanich likened it to merging the "eyes of the autonomous vehicle with the intelligent brain that actually drives the car".
"Together, we can accelerate the future of autonomous driving with improved performance in a cloud-to-car solution at a lower cost for automakers", he added. Mobileye also has deals with other auto companies including Audi. Israel is becoming an worldwide technological powerhouse. It also was the firm that developed Tesla's first-generation Autopilot system.
Mobileye's technology combines a camera and a chip that are used as a "third eye" to collect information about pathways and landscapes to help drivers prevent collisions and accidents.
Mobileye was cofounded in 1999 by Amnon Shashua and Ziv Aviram.
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