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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 the Group Editor for IT, Automotive, and Logistics at Bizcommunity.com. She is the former editor for Marketing & Media Africa (@Biz_Africa) at Bizcommunity.com and is a contributing writer for the Bizcommunity Lifestyle section. In her spare time, she also does some freelance writing and editing. She is a lover of words, travel and all things digital. View her online portfolio, email her at ; or find her on Twitter and Instagram.
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