Intel buying car tech company Mobileye in $14.09B deal
SANTA CLARA - Intel is buying Mobileye in a deal valued at about $14.09 billion, the latest push by a major tech company into autonomous vehicles that could change the way traffic moves globally.
Intel Corp. will pay $63.54 for each Mobileye N.V. share, which is a 34 percent premium to the car technology company's Friday closing price.
The companies put the equity value of the deal at approximately $15.3 billion.
The combined global autonomous driving company, which includes Mobileye and Intel's autonomous driving group, will be based in Israel and led by Mobileye Chairman and co-founder Amnon Shashua.
The deal, approved by the boards of both companies, is targeted to close within nine months.
Mobileye's stock jumped more than 32 percent Monday before the opening bell.
Desktop NewsClick to open Continuous News in a sidebar that updates in real-time.
Louisiana homeowners should expect rate increases after active hurricane season
Opera Louisiane safely brings live music back to the capital area riverside
Diners shaken after vehicle crashes into outdoor dining area along Perkins Road
La. absentee ballot showing vote for President Trump found stolen, opened and...
Baton Rouge couple comes up with safe way to pass out Halloween...
Best fantasy players for week 8 in NFL: Fantasy Focus with Reggie...
Fans' Choice Award Winner 2020: Week 4 - Jacoby Howard
Ed Orgeron talks about Brennan's potential return; full Monday press conference
Friday Night Blitz: Week 5 10-23-2020
TJ Finley to replace Myles Brennan as QB this Saturday