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23.06.2018
 
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15 Billion Dollars: Largest Deal In Israel’s History Signed

The greatest deal in Israel’s economic history has been signed: Chip giant ‘Intel’, is purchasing ‘Mobileye’ an Israeli high tech company that is developing the technology for autonomous cars

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Tags: IntelLargest DealIsrael

The American chip Giant ‘Intel’ is purchasing the Israeli Autonomous car developer ‘Mobileye’ in what is the largest single purchase of an Israeli company in Israel’s history. ‘Mobileye’ currently has a market value of 10.5 billion dollars, and ‘Intel’ will be paying a premium of 40% which will total 15.3 billion dollars; $63.54 per stock, to ‘Mobileye’.

Although the deal still needs the approval of ‘Mobileye’ Shareholders, the company’s stocks already rose by 32%. As well, the deal needs the approval of various regulation agencies, and the purchasing process is set to take up to nine months, until then the two companies will operate independently.

‘Intel’ CEO, Brian Krzanich will arrive in Israel tomorrow to meet with ‘Mobileye’ employees, and will also be meeting with PM Benyamin Netanyahu. ‘Mobileye’s’ founders, CTO Professor Amnon Shashua, and CEO Ziv Aviram, convened with the company’s employees, and informed them that ‘Intel’s’ auto apartment will be under the management of ‘Mobileye’ and the ‘Mobileye’ brand name and logo will be preserved.

Aviram and Shashua are expected to continue leading the company eeven after the purchase is complete. Based on information presented to employees, the autonomous car industry is expected to rise up to 70 billion dollars by 2030.

Mobileye N.V. was founded in 1999 by Amnon Shashua, when he evolved his academic research into a technical solution for a vision system which could detect vehicles using only a camera and software on a processor algorithm. After receiving a license to use the technology which was owned by Yissum, it was possible to incorporate the company. Together with Ziv Aviram, he set up the company's R&D headquarters in Jerusalem, Israel.

At first the company developed algorithms, and a processor chip called the EyeQ chip. All of Mobileye’s proprietary image processing algorithms run on the EyeQ chip. After years of testing, the chip and software algorithms began to be sold as commercial products to original equipment manufacturer (OEM) customers.

In the past few years ‘Intel’ has been trying to expand its production line in the high-tech industry, especially after it lost a foothold in the smartphone industry.
As part of ‘Intel’s’ expansion into new technological developments, it developed a warm relationship with ‘Mobileye’ which is well trusted and respected in the technological community, and also holds miles of test drives on its technological developments.

The deal is expected to boost both ‘Intel’ and ‘Mobileye’ in the coming years.

By TheMarker- Omri Zarchovits
Translated and modified by Eli B.

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