Deal Could Value Israel-based Company at $50 Billion
Intel said it will take its autonomous vehicle unit Mobileye public in mid-2022—in a deal that could value the Israel-based company at more than $50 billion, according to published reports.
Intel said it confidentially submitted a draft registration statement on Form S-1 with the U.S. Securities and Exchange Commission for the proposed IPO. After the IPO, which had been expected since December, Intel said it expects to retain Mobileye’s executive team, including CEO Amnon Shashua, while holding on to a majority ownership.
Mobileye, founded in 1999, shook up the autonomous vehicle industry when it was purchased by Intel in March 2017 for $15.3 billion. The acquisition of Mobileye, which makes sensors and cameras for driverless vehicles, sent a strong message to Intel’s competitors, namely Qualcomm and Nvidia , that they saw huge growth in this market segment.
At CES this year, Mobileye rolled out its EyeQ Ultra AV on a chip (AVoC) for Level 4 self-driving vehicles. The company also introduced Road Experience Management (REM) mapping technology for a future version of Ford BlueCruise, among other announcements.
The company has big automakers as clients: BMW, Audi, Ford, Volkswagen, Nissan, Honda and General Motors.
At CES this year, Mobileye rolled out its EyeQ Ultra AV on a chip (AVoC) for Level 4 self-driving vehicles. The company also introduced Road Experience Management (REM) mapping technology for a future version of Ford BlueCruise.
The company has big automakers as clients: BMW, Audi, Ford, Volkswagen, Nissan, Honda and General Motors.
