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: