Intel to buy driverless-car tech firm Mobileye for $15.3B

Intel to buy driverless-car tech firm Mobileye for $15.3B

Intel to buy driverless-car tech firm Mobileye for $15.3B

In a statement announcing its intent to purchase Mobileye, Intel said that the acquisition will merge "Intel's high-performance computing and connectivity expertise and Mobileye's leading computer vision expertise to create automated driving solutions from the cloud through the network to the auto".

Aviram told Prime Minister Netanyahu that the center of the company's operations would remain in Israel, that the company would build a global development center in the country, and that it would be responsible for Intel's worldwide activity regarding autonomous vehicles. The Santa Clara-based company's Automated Driving Group (ADG) will combine with Mobileye and will be led by Mobileye Chief Executive Amnon Shashua. The vehicle systems, data services market is forecast to grow to about $70 billion by 2030, the company asserts. That deal has come under scrutiny recently after Waymo LLC, the self-driving auto unit of Google parent Alphabet Inc., sued Uber, accusing the ride-hailing company of stealing trade secrets to jump-start its own autonomous vehicle program.

Intel Corp. will pay $63.54 for each Mobileye N.V. share, which is a 34 percent premium to the vehicle technology company's March 10 closing price. 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.

Mobileye is Intel's second-biggest acquisition behind the purchase of Altera Corp. Intel must have liked its work because it has made a decision to acquire MobilEye for $15.3 billion.

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"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 centers and high-performance computing platforms", he added in a statement. Intel has been working with them for a while now on developing gen-next computer vision based technologies for autonomous driving. The company's offerings are already inside several semi-autonomous vehicles, including Tesla cars.

Earlier, Intel and Mobileye teamed up with BMW AG with plans to introduce fully autonomous cars by 2021.

Mobileye NV (NYSE:MBLY) was downgraded by equities researchers at Dougherty & Co from a "buy" rating to a "sell" rating in a research report issued on Monday.

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