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Intel buys Israeli collision avoidance technology leader
Chipzilla, otherwise known as computer chip maker Intel Corporation (NASDAQ:INTC), is to buy Israeli technology outfit Mobileye for US$15.3bn.
The takeover is the largest ever seen in Israel’s vibrant technology sector, and is seen by pundits as a move by Intel to make sure it does not miss the boat in the self-driving cars revolution.
Mobileye’s technology accounts for around seven-tenths of the worldwide market for driver-assistance and non-collision systems.
Intel said it expects the acquisition will immediately boost underlying earnings and cash flow.
Despite that, shares in Intel were down 69 cents at US$35.22 in the first half-hour or so of trading.
“Mobileye brings the industry’s best automotive-grade computer vision and strong momentum with automakers and suppliers,” Intel’s chief executive Brian Krzanich said.
“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.
Story by ProactiveInvestors
Source: http://www.proactiveinvestors.com/companies/news/174708/intel-buys-israeli-collision-avoidance-technology-leader-174708.html
