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Intel to Take Self-Driving Tech Company Mobileye Public

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Intel plans to take Mobileye public in the U.S. in mid-2022 via an initial public offering (IPO) of newly issued Mobileye stock. Intel will remain the majority owner of Mobileye, and the two companies will continue as strategic partners, collaborating on projects as they pursue the growth of computing in the automotive sector. According to Intel, making Mobileye an independent and publicly traded company will add value for Intel shareholders.

Intel acquired Mobileye in March 2017, three years after Mobileye completed its IPO.A self-driving vehicle from Mobileye’s autonomous fleet sits outside Mobileye’s autonomous vehicle workshop in Israel. Courtesy of Mobileye, an Intel Company.
A self-driving vehicle from Mobileye’s autonomous fleet outside the company’s autonomous vehicle workshop in Israel. Intel has announced its intent to make the company public. Courtesy of Mobileye, an Intel Co.

The Mobileye executive team will remain intact, with Amnon Shashua continuing as the company’s CEO. Urban mobility app Moovit, which Intel acquired in May 2020, as well as Intel teams working on lidar and radar development and other Mobileye projects, will be aligned as part of Mobileye.

Intel currently owns 100% of Mobileye shares and is expected to retain majority ownership following the completion of the IPO. Intel said it does not intend to spin out or otherwise divest its majority ownership interest.

Mobileye achieved record revenue year-over-year and is expected to deliver revenue figures that are more than 40% higher than 2020, Intel CEO Pat Gelsinger said.

A final decision on the IPO and its conditions and ultimate timing is pending and subject to market conditions. As majority shareholder, Intel will continue to fully consolidate Mobileye. The transaction is not expected to have an impact on Intel’s 2021 financial targets.

Photonics Spectra
Feb 2022
BusinessIntelMobileyepublicpublicly tradedstockownershipAutonomous drivingself-drivingsemiconductorsIPOshareSharesAmericasIsraelIndustry News

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