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Intel, Mobileye deal to make Israel autonomous tech hub

NEWSWATCH: Intel is buying Israeli autonomous vehicle technology firm Mobileye for an estimated $15 billion - reportedly its second-biggest acquisition and a bold attempt to dominate technology for self-driving cars.
The US chipmaker will pay $63.54 per share in cash for the Jerusalem-based Mobileye, according to a statement from both companies.

According to a report on Bloomberg Technology, Prime Minister Benjamin Netanyahu said in a text message: "Israel is becoming a global technology centre, not only in cyber but also in the automotive area.”

Israel had reportedly already singled out the automotive technology sector as a possible economic boon, allotting it 250 million shekels ($68 million) for the next five years.

In this video, Intel CEO explains the move to buy Mobileye:



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About Ilse van den Berg

Ilse is a group editor at Bizcommunity.com, the first-choice B2B news site in Africa. She is the former editor of Marketing & Media Africa at Bizcommunity.com and is also a contributing lifestyle and travel writer. In her spare time, she also does some freelance writing & editing (when she's not surfing, hiking, or travelling). Email or find her on Twitter.
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