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Intel buys Israeli collision avoidance technology leader

Monday, March 13, 2017 7:41
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Chipzilla, otherwise known as computer chip maker Intel Corporation (NASDAQ:INTC), is to buy Israeli technology outfit Mobileye for US$15.3bn.

The takeover is the largest ever seen in Israel’s vibrant technology sector, and is seen by pundits as a move by Intel to make sure it does not miss the boat in the self-driving cars revolution.

Mobileye’s technology accounts for around seven-tenths of the worldwide market for driver-assistance and non-collision systems.

Intel said it expects the acquisition will immediately boost underlying earnings and cash flow.

Despite that, shares in Intel were down 69 cents at US$35.22 in the first half-hour or so of trading.

“Mobileye brings the industry’s best automotive-grade computer vision and strong momentum with automakers and suppliers,” Intel’s chief executive Brian Krzanich said.

“Together, we can accelerate the future of autonomous driving with improved performance in a cloud-to-car solution at a lower cost for automakers,” he added.

Story by ProactiveInvestors


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