Intel is buying Mobileye
Intel is buying Jerusalem tech giant Mobileye for $15.3 billion, the two companies announced Monday. Israeli daily Haaretz initially broke the story via its finance paper The Marker, but it was confirmed later in the day. Mobileye’s current market value is $10.5 billion. Intel has been working with Mobileye and BMW to get their own self-driving car models on the road, joining a host of manufacturers in a global autonomous vehicle race.”
“This acquisition is a great step forward for our shareholders, the automotive industry and consumers,” said Brian Krzanich, Intel CEO, in a press release. “Intel provides critical foundational technologies for autonomous driving including plotting the car’s path and making real-time driving decisions. Mobileye brings the industry’s best automotive-grade computer vision and strong momentum with automakers and suppliers. Together, we can accelerate the future of autonomous driving with improved performance in a cloud-to-car solution at a lower cost for automakers.”
Mobileye and Intel’s Automated Driving Group will now merge and headquarter their operations in Israel under the auspices of Mobileye Co-Founder, Chairman and CTO Professor Amnon Shashua. The two companies did not specify where the joint operation will be located, but given that both companies maintain national headquarters in Jerusalem it will likely be in the holy city.
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