Intel to buy Mobileye for $15bn and take it public in 2022, WSJ reports

This article is over 2 months old

The chip manufacturer estimates shareholders will be paid $2.2bn for the Israeli company, which provides advanced driver-assistance and collision-avoidance technologies

Intel will take mobileye public in 2022, valuing the Israeli tech company at more than $15bn, the Wall Street Journal reported.

The chip manufacturer estimates that shareholders will be paid $2.2bn for the company, according to the newspaper, which cited two people familiar with the matter.

Mobileye developed driver-assistance and collision-avoidance technology, which Intel bought for $15.3bn in 2016.

As part of the sale, Intel said it plans to sell up to 22m shares, representing a roughly 14% stake in the company, to existing stockholders in a secondary offering.

Mass shootings are only the latest threat facing the car industry | Heidi Potter Read more

Mobileye owns a controlling interest in Intel, but Intel shareholders will own about 70% of the company after the share sale, the Journal reported.

Bain Capital and China’s Fosun International are among the investors that will buy shares in the offering, the report said.

Bain will not acquire Mobileye, while Fosun will purchase an “undisclosed” percentage of the shares, according to the Journal.

Intel was not immediately available for comment.

Leave a Comment