Intel acquires self-driving firm Mobileye for $15bn
The acquisition is the largest in the autonomous industry
Chip manufacturer Intel has dropped $15.3bn to acquire Mobileye, a company that specialises in technology for self-driving vehicles.
The acquisition is the largest in the autonomous industry, and will see Intel offer $63.54 per share in cash, valuing Mobileye at about $15.3bn on a fully-diluted basis, and $14.7bn in enterprise value.
Mobileye is renowned for providing self-driver technologies for the likes of BMW, Ford, Volvo, Audi and Nissan. This deal will form an autonomous driving unit, combining Mobileye and Intel's Automated Driving Group.
In a statement, Intel CEO Brian Krzanich, said: "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.
"The transaction extends Intel's strategy to invest in data-intensive market opportunities that build on the company's strengths in computing and connectivity from the cloud, through the network, to the device."
Intel and Mobileye are already in collaboration with automaker BMW, and are aiming to develop 40 self-driving test vehicles to hit the road this year.
The move sees Intel moving away from only chip manufacturing as it continues to expand its offerings.
Intel said the deal is expected to close within the next nine months.