Intel To Buy Mobileye In Israel’s Biggest High-Tech Deal

US chip giant Intel announced it is buying Mobileye, Jerusalem’s autonomous driving company for about $15 billion in the largest deal to ever hit Israel’s hi-tech industry. Mobileye is a global leader in the development of computer vision and machine learning for advanced driver assistance systems and autonomous driving. Intel officials announced that Mobileye’s headquarters will remain in Jerusalem and will combine with Intel’s Automated Driving Group. The acquisition will enable Intel to position itself as a leading technology provider for driverless cars. “This acquisition is a great step forward for our shareholders, the automotive industry and consumers,” Brian Krzanich, Intel’s CEO said. “Intel provides critical foundational technologies for autonomous driving, including polotting the car’s path and making real-time driving decisions. Mobileye brings the industry’s best automotive-grade computer vision and strong momentum with automakers and suppliers. Together, we can accelerate the future of autonomous driving with improved performance in a cloud-to-car solution at a lower cost for automakers.” Mobileye went public on the New York Stock Exchange in 2016, and raised $890 million in the largest IPO in the US. Israeli Prime Minister Binyamin Netanyahu called to congratulate the company’s founders, saying that “Israel is becoming a global technology center, not just in cyber, but in the automotive sector as well.