Silicon Valley chipmaker Intel has completed its acquisition of Mobileye, the Israeli autonomous driving technology provider, by purchasing 84% of the outstanding shares, Intel has announced.
Intel had set Aug. 7 as the final day for Mobileye investors to take advantage of its $63.54-per-share offer through subsidiary Cyclops Holdings. However, Intel has set another offering period that will give the remaining Mobileye investors until Aug. 21 to sell their shares. They will be offered the same share price.
In March, Intel announced an agreement to acquire Jerusalem-based Mobileye, which specializes in collision detection and mapping technology. The companies will combine their efforts to create automated, cloud-based driving systems.
The market for vehicle systems, data, and services supporting autonomous driving could reach $70 billion by 2030, according to an Intel estimate. By 2020, automated vehicles should generate 4,000 GB per day.
Mobileye tweeted the news ahead of the opening of the market with "It's official - today we will join the Intel family. Looking forward to accelerating autonomous together."
Originally posted on Automotive Fleet