• News
  • IT&Software

Intel drops $15B on Mobileye in race for a driverless future

Intel drops $15B on Mobileye in race for a driverless future

At this price, it would make the deal the largest ever acquisition of an Israeli high-tech firm, as well as the largest ever in the field of autonomous driving.

Mobileye's co-founder Amnon Shashua said that "strong momentum" Krzanich referred to involves working relationships with 27 manufacturers, including 10 production projects with Audi, BMW and other major automakers.

The U.S. company estimates that the vehicle systems, data and services market will be worth up to 70 billion dollars by 2030. Most notably, its technology is used by Tesla Inc.in its Model S vehicles, although the companies announced plans to part ways following a fatal crash past year. Most importantly, a test with 40 self-driving cars, in partnership with BMW, will continue as scheduled, meaning that this technology is only going to get closer. The price represents a premium of around 33 percent to the Friday closing price of Mobileye's shares.

Intel Corp.is the latest company racing to shape the future of autonomous transportation, joining traditional auto makers, parts manufacturers and technology companies. Intel has worked increasingly with Mobileye, announcing plans past year to deploy 40 autonomous cars as part of trials with BMW.

United States microchip maker Intel is about to be the new company behind the wheel at the driverless technology firm Mobileye.

Shashua is also chairman of the computer science department at Hebrew University, where the Mobileye technology was developed.

More news: The latest on soy and breast cancer

According to Intel's announcement, the buyout represents an equity valuation of $15.3 billion for Mobileye.

From a technology standpoint, Mobileye's offerings help vehicles see what's going on, while Intel chips will help process the increasingly computationally intensive operations that follow.

"By pooling together our infrastructure and resources, we can enhance and accelerate our combined know-how in the areas of mapping, virtual driving, simulators, development tool chains, hardware, data centers and high-performance computing platforms", he added in a statement.

Mobileye NV (NYSE:MBLY) was downgraded by equities researchers at Dougherty & Co from a "buy" rating to a "sell" rating in a research report issued on Monday.

Autonomous cars will need higher levels of connectivity to the Internet and access to bigger data centers, which Intel can provide, Krzanich said.

Leave Your Comment

Leave Your Comment


Latest News

  • Over 30 killed in ISIS attack on military hospital in Kabul

    Over 30 killed in ISIS attack on military hospital in Kabul

    Afghan commandos landed on the roof of the hospital and killed the attackers, but only after hours of gun battle. Witnesses told Reuters that the attackers engaged security forces inside the building.
    BBC Worldwide and ITV to launch new streaming service BritBox

    BBC Worldwide and ITV to launch new streaming service BritBox

    Worldwide and ITV have officially launched their British television SVOD service BritBox in the U.S. The ad-free subscription service starts at $6.99 (£5.75) per month.
    Virus Deadly To Poultry Detected In Tennessee

    Virus Deadly To Poultry Detected In Tennessee

    A strain of highly pathogenic avian influenza (HPAI) was detected on a chicken flock in Lincoln County, Tennessee. The outbreak also marks the first time HPAI has shown up in Tennessee, notes the USDA.
  • Wall Street Meets

    Wall Street Meets "The Fearless Girl"

    According to Reuters , only three of its 11 board members are female, and two of them have been serving for more than a decade. Right now , " Fearless Girl " is set to remain in place for a week, though there is potential for the statue to stay longer.
    Spielberg, Streep, and Hanks to Team for Pentagon Papers Drama

    Spielberg, Streep, and Hanks to Team for Pentagon Papers Drama

    A trio of longtime Democratic donors are set to make a movie about the Washington Post's role in exposing the "Pentagon Papers". Steven Spielberg is working on another political thriller, in which the lead roles plays Meryl Streep and Tom Hanks.
    97-year-old twins freeze to death after falling outside

    97-year-old twins freeze to death after falling outside

    Police Chief John LaCross told Eyewitness News Williams was face down in the driveway and Haley was face down in the garage. The women were discovered by a neighbour Saturday morning and rushed to the hospital where they were pronounced dead.
  • Egyptian woman Eman Ahmad undergoes bariatric surgery in Mumbai

    Egyptian woman Eman Ahmad undergoes bariatric surgery in Mumbai

    She was born weighing a staggering 11 lbs and was shortly diagnosed afterwards with the parasitic disease called Elephantiasis. She is most likely to return to Alexandria, her home, in two to three weeks and will continue the diet for some time.
    4 ways Google Cloud will bring AI, machine learning to the enterprise

    4 ways Google Cloud will bring AI, machine learning to the enterprise

    Toward that end, they plan to launch a software development kit for programmers later this month. He also noted that Google has invested $30 billion in cloud computing.
    Oil prices have fallen on worries China will cut demand

    Oil prices have fallen on worries China will cut demand

    Already this year, Total and BP have launched multi-billion dollar deals to expand in Brazil and Mauritania, respectively. LTO production could grow by 3 million bpd in five years", the IEA said .
  • Taylor Swift's Alleged Stalker Arrested On Multiple Charges

    ET Canada can confirm that 29-year-old Mohammed Jaffar has been arrested on charges of burglary and stalking. Judge David Frey signed off on an order of protection against Jaffar, barring any contact with the pop star.
    Zoo's pregnant giraffe, April, is a live-streaming sensation

    Zoo's pregnant giraffe, April, is a live-streaming sensation

    April was elsewhere when she gave birth to her first three calves, and this one will be the Harpursville zoo's first giraffe calf. In Thursday night's update, the zoo also said April appears "a little more on edge" and is "not being as lovely as usual".
    ESPN, Fox Sports to broadcast on Youtube's new TV streaming service

    ESPN, Fox Sports to broadcast on Youtube's new TV streaming service

    That subscription price will get you six individual user accounts, each with their own profiles and suggested content. YouTube also has a virtual DVR service with unlimited storage, but shows will automatically delete after nine months.
  • Arkansas vs. Kentucky - 3/12/17 College Basketball Pick, Odds, and Prediction

    Arkansas vs. Kentucky - 3/12/17 College Basketball Pick, Odds, and Prediction

    It's looking like they'll be a No. 2 seed in the 2017 Tournament, and that will have to do for coach John Calipari's bunch. NASHVILLE, Tenn. - Malik Monk 's teammates refused to say that their sharpshooting freak of a freshman was in a slump.

    US Attorney Preet Bharara fired by Trump administration

    As such, Bharara prosecuted more than 12 state lawmakers from both the Republican and Democratic parties, according to the AP. Attorney Mark Green for the Eastern District of Oklahoma in Muskogee could not be reached for comment.
    Red Cross reminds community to test smoke alarm bateries

    Red Cross reminds community to test smoke alarm bateries

    It's best to install a dual-purpose alarm in every bedroom, outside of every bedroom and on each floor of your home. Whichever type of smoke alarms you choose, make sure they carry the label of a recognized testing laboratory.
  • AJ Bouye will leave Houston, sign in Jacksonville

    AJ Bouye will leave Houston, sign in Jacksonville

    Teams were hopeful he could continue to play at the same high level he displayed in his contract season. Pro Football Focus ranked Bouye as the third best cornerback in the league last season.

    Turkish, US, Russian military chiefs hold surprise meeting

    Hulusi Akar, Valery Gerasimov, and Joseph Dunford took place in the southeastern city of Antalya on Tuesday, the army said.
    Stanford rallies to dethrone OSU; captutestaggering 12th tourney title

    Stanford rallies to dethrone OSU; captutestaggering 12th tourney title

    Kennedy Burke added 11 points, but second-leading scorer Monique Billings was 3 of 14 shooting and finished with six points. While Smith was carrying Stanford at the offensive end, the Cardinal shut down Oregon State and star Sydney Wiese.

Breaking News



Recommended

Luis Enrique: PSG win took its toll on Barcelona in Deportivo defeat

Both Lionel Messi and Luis Suarez wasted opportunities for the visitors and they were punished five minutes before half-time. Joselu had fired Deportivo into a first-half lead before Luis Suarez levelled in the first minute of the second period.

Howie Roseman delivers Christmas in March to Carson Wentz, Eagles fans

The Philadelphia Eagles introduced newly acquired wide receiver Alshon Jeffery during a press conference on Friday afternoon. According to ESPN's Josina Anderson, the former SC wide receiver is signing a one-year deal with the Philadelphia Eagles.

Jennifer Lopez is Alex Rodriguez's 'Dream Girl'

After being married to devoted Mets fan Marc Anthony, and after a post-divorce relationship, she found Drake , son of The 6. Have we ever witnessed more of a career roller coaster than the one Yankees special advisor Alex Rodriguez is on?

Hawaiian Airlines Flight Diverted Over Cost Of A Blanket

Airport officers met the aircraft at the gate and conducted an investigation with the FBI. "I'm going to call the president". Hawaiian Airlines spokeswoman Alison Croyle said, "We don't know the demeanor of the passenger, what was said, or the tone".

Record Wildfires in Southern Plains Could Keep Growing Through Weekend

The fire, which was driven by wind gusts of almost 50 miles per hour , jumped Interstate 76 and spread into Phillips County. The fire originated across the state border in Oklahoma , where it burned an estimated 390 square miles in Beaver County.

Boeing's bigger 737 MAX 9 emerges from Renton plant

The 737 MAX 8 is the first in the family to be developed and meets customer demand in the heart of the single-aisle market. Certification of the MAX 8 comes two days after the next re-engined 737 variant, the MAX 9, rolled out.

Snow Possible For Friday Morning Commute

Highs will be in the 60s through Thursday , but a cool down is expected to arrive late Thursday night through the weekend. For travelers, the early-morning transition into snow will make for a slow and messy Friday morning commute.

Explosion rocks Bhopal-Ujjain passenger train, nine injured

Shujalpur Sub-Divisional Officer Amit Mishra told IANS that the coach was detached from the train after the blast. Passengers have given different reasons including explosion in wirings, mobile or a suitcase.

Syrian peace talks end with clear agenda, says United Nations envoy

Chief opposition negotiator Nasr al-Hariri said, "Although we are closing this round without clear results". Damascus sought a unified Syrian opposition.

Guardiola wants more City progress against Sunderland

Sunderland were dealt a blow after 69 minutes as Darren Gibson picked up and was replaced by former City midfielder, Jack Rodwell. I've said they should remain positive after and they are.