In March, Intel announced the acquisition of Mobileye, a company it has partnered with to develop self-driving automobile technology. And as of today, the $15.3 billion deal is officially complete. Intel purchased 84 percent of Mobileye's outstanding ordinary shares and the company is now an Intel subsidiary.
Mobileye is an Israel-based company and it will remain headquartered in Jerusalem under the leadership of co-founder Amnon Shashua. Ziv Aviram, Mobileye's president and CEO has stepped down. A follow-up offer period for the remaining outstanding stock has commenced and will expire on August 21st.
"Leading in autonomous driving technology requires a combination of innovative proprietary software products and versatile open-system hardware platforms that enable customers and partners to customize solutions," said Shashua in a statement. "For the first time, the auto industry has a single partner with deep expertise and a cultural legacy in both areas. Mobileye is very excited to begin this new chapter."