The largest business deal in Israeli high-tech history has been reached. Computer chip giant Intel will purchase shares worth $15 billion from the company that is developing the technology for a driverless vehicle.
Largest deal in Israeli high-tech history Photo Credit: Channel 2 News
It is official – the largest business deal in Israeli and world high-tech history is underway. Today (Monday), Intel and Mobileye published a joint statement announcing that they have reached a fundamental agreement according to which computer chip giant Intel will purchase company shares worth $15.35 billion from Mobileye, the Israeli high-tech company that is developing the technology for a driverless vehicle. Even Israeli Prime Minister Benjamin Netanyahu congratulated the company: “Congratulations to Mobileye! Israeli genius, Israeli pride,” Netanyahu wrote on Facebook.
The announcement came about an hour after an initial report was published on the Marker’s website regarding the deal. The deal should be finalized within the next nine months and was approved by two companies’ boards of directors. The shares will be purchased at $63.54 each in cash.
“Mobileye brings the industry’s best automotive-grade computer vision and strong momentum with automakers and suppliers,” said Intel CEO Brian Krzanich. “Together, we can accelerate the future of autonomous driving with improved performance in a cloud-to-star solution at a lower cost for automakers.”