Intel to buy autonomous auto tech company Mobileye
They partnered this past summer in a plan to bring self-driving vehicles - sometimes referred to as autonomous vehicles - to the streets by 2021. It then teamed up with Intel to work on BMW's iNext self-driving platform.
On Monday, Intel announced that it will purchase the Israeli automotive technology company Mobileye in a deal worth $15.3 billion.
Both companies have confirmed that the acquisition is going through and that the price has been set at $15.3 billion. Intel has been working with them for a while now on developing gen-next computer vision based technologies for autonomous driving.
Mobileye and Intel already are collaborating with BMW on a project that will see the production of 40 self-driving test cars. They're actually building a scalable architecture that can be used by any other vehicle manufacturer that doesn't want to build a similar system from scratch. Intel SVP Doug Davis is overseeing how the two companies will coordinate together.
Intel aims to leverage Mobileye in order to grow to become an integral player in the hardware and software powering the transition to driverless cars, as part of its wider Internet of Things strategy.
The deal is said to be the largest ever cross-border acquisition for an Israeli tech firm.
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Mobileye generated $358 million in revenue a year ago and $108 million in net income, meaning it's getting taken out at 42.7 times sales and 141.7 times earnings. After teaming up with various companies, including auto makers, to develop and promote solutions for autonomous vehicles, it's now taking things to the next level by acquiring Mobileye.
Mobileye, founded in 1999 and based in Jerusalem, specializes in creating chips and software for autonomous vehicles, including data analysis and mapping.
Intel will own Mobileye through one of its subsidiaries, which will pay $63.54 per share. It will be interesting to see if this will change into the future as Intel pushes to rapidly expand Mobileye's presence in this market.
The deal is expected to be immediately accretive to non-GAAP earnings and free cash flow, and the combined company hopes to generate $175 million in annual cost synergies by 2019.
"Intel is not looking to have their people come in and run Mobileye", said Ziv Aviram, Mobileye's other founder and chief executive, in a letter to employees.
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