Intel completes $15.3b acquisition of Mobileye

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Mobileye cofounder and CEO Ziv Aviram is stepping down with immediate effect.

Intel and Mobileye today announced the completion of the first stage in Intel's offer to purchase for Mobileye's shares capital. Intel's Autonomous Driving Group will be merged with Mobileye. The merged group will lead Intel's autonomous driving efforts.

As an Intel subsidiary, Mobileye will continue operating from Israel under the leadership of Prof. Amnon Shashua, who will be appointed Intel senior VP and Mobileye CTO. Mobileye cofounder Ziv Aviram, who was the company's president and CEO before it was acquired by Intel, has resigned from the company.

"Leading in autonomous driving technology requires a combination of innovative proprietary software products and versatile open-system hardware platforms that enable customers and partners to customize solutions,” said Prof. Amnon Shashua. “For the first time, the auto industry has a single partner with deep expertise and a cultural legacy in both areas. Mobileye is very excited to begin this new chapter."

In the development of driver accessory systems and partial and complete autonomous driving programs, Mobileye will support and use the existing technologies and its customer connections with auto manufacturers, tier-1 suppliers, and partners from the semiconductor industry.

The initial period of the offer to purchase and the right to decline it ended yesterday at 5:00 PM Eastern Standard Time. Intel and Mobileye today announced that the second stage will either end on August 21 or be extended by at least five more business days in order to enable minority shareholders in Mobileye who have not yet sold their shares to do so.

Mobileye will delist its ordinary shares from the New York Stock Exchange (NYSE) as soon as possible, and has submitted a written request to that effect to the NYSE.

The two companies announced last March Intel's intention to acquire Mobileye at $63.54 per share, reflected a company value of $14.7-15.3 billion, the largest ever deal in the Israeli high-tech industry.

Published by Globes [online], Israel Business News - www.globes-online.com - on August 8, 2017

© Copyright of Globes Publisher Itonut (1983) Ltd. 2017

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