Intel, Mobileye deal to make Israel autonomous tech hub

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:

For more:

• Intel to acquire Israeli tech firm Mobileye for $14.7 billion
  
• Intel's $14.7 billion Mobileye deal marks Israel as an autonomous tech hub
  
• Intel's $15 billion purchase of Mobileye shakes up driverless car sector
  
• Intel to acquire Israeli tech firm Mobileye for $14.7 billion