The acquisition of Intel’s Mobileye Israel unit autonomous unit for $ 63.54 per share in cash, or about $ 15.3 billion.
Mobileye increased about 30% in the pre-market trading on Monday, the Israeli newspaper Haaretz broke the news.
Jerusalem based company to develop a vision-based driver assistance system will warn you before the collision.
“Mobileye leading manufacturer of the best powertrain in the automotive industry and machine vision and suppliers,” said Intel president and CEO statements Brian Krzanich
Together, we can accelerate future autonomous driving for better performance in cloud solutions for car manufacturers at lower prices. ”
Tesla started the Mobileye integration technology Model S cars in 2015.
Announced in January, the group is developing a self-driving car test BMW and Intel.
Mobileye was co-founded in 1999, Amnon Shashua, Academic and Ziv Aviram, who is also the Chief Executive Officer. Goldman Sachs and Morgan Stanley took public in 2014.
Here is the full press release:
Announced today that: (NYSE Bly) today get a definitive agreement in which Intel Mobileye, a leader in the development of computer vision and automatic learning, data analysis, location and mapping, advanced driver support systems and autonomous driving. The agreement had its Intel will launch a public tender offer for all outstanding shares issued and outstanding Mobileye at $ 63.54 per share in cash, the capital was about $ 15.3 billion and a company value of US $ 14.7 billion.
The combination is expected to accelerate innovation for the automotive industry, and Intel’s position as the leading technology supplier in the growing market for highly and fully autonomous vehicles. Estimates of Intel’s vehicle systems, information opportunities and market services to $ 7 trillion by 2030. This acquisition will expand Intel’s strategy of investing in data-intensive business opportunities in the energy company through the computer and Connect to the cloud, the network device.
This acquisition combines the best-in-class technology of both companies, including extensions, machine vision, data centers, sensor fusion, high performance computing, localization and mapping, machine learning and artificial intelligence. Together with partners and customers, Intel and Mobileye expect to get a solution that switches to the automotive industry. The combined global organization of autonomous driving, consisting of Mobileye and Intel Automatic Steering Group, will be located in Israel and is headed by Professor Amnon Shashua, founder Mobileye, president and chief technology officer. The organization supports both the company’s existing production program and build relationships with the automakers, the Tier 1 suppliers and partners to help drive advanced, very independent semiconductors and driving program is completely free. Vice President Intel Doug Davis oversaw the organization’s participation in Intel’s business groups are combined and reported after the end of the ceremony, Professor Amnon Shashua.
“This acquisition is an important step for our shareholders, the automotive industry and consumers,” said Brian Krzanich, CEO of Intel. “Intel’s technology provides an important basis for independent driving, how to paint the way up to the car and decided to drive in real time.Mobileye bring the best and the car automotive machine vision manufacturers and a strong supplier. Accelerate the future of driving autonomy with better performance cloud solutions for the car by lower priced carmakers. ”
“We are looking forward to the growth of autonomous driving modified. It is safer for users, flexible options and transport that are reasonable, and will gradually chance that the business model for automobile manufacturers,” said Ziv Aviram, Mobileye founder , President and chief executive officer. “When combined with infrastructure and features, we can enhance and accelerate the mapping of our combined experience, a virtual driving simulator chain, hardware, data center and a high-performance computing platform. An attractive value proposition for the automotive industry. ”
As a result it helped to drive a really free car, they are still in the center of data on wheels. Intel expects that by the year 2020 to the production of autonomous vehicles 4000 GB of data every day, which enable the connection of high performance computing power and network intelligence. Complexity and power, powerful cars will create a fully automated large for advanced Intel® Xeon® and high performance SoC EyeQ®4 and EyeQ®5, high performance FPGA memories, high bandwidth connection and machine vision technology .
Information about the transaction and time
The transaction should be immediately accretive to non-GAAP EPS and free Intel cash flow. Intel plans to fund the acquisition with cash from the balance sheet.
The transaction is expected to be completed within the next nine months. It has been approved by the Intel and Mobileye government and subject to receipt of certain regulatory approvals and other conditions. The offer does not apply to the financial situation.
Mobileye Extraordinary General Meeting held on the day of receipt of the proposal, including a series of decisions related to the transaction.
For more information on the terms and conditions included in the final agreement, see Current Report on Mobileye K Current Report Form 8-Intel and Form 6-K, which was filed with the Securities and Exchange Commission for this event. The proposals were specified in the bid statement on schedule to be submitted to Intel and any of its subsidiaries, and call / Statement on the Schedule 14D-9 Backing filed by Mobileye.
Citi and Rothschild Inc. served as financial advisors and Skadden, Arps, Slate, Meagher & Flom LLP acted as legal counsel for Intel. Raymond James & Associates, Inc. acted as financial advisor