Why Intel is unloading Mobileye

Why Intel is unloading Mobileye

Reuters

Intel plans to take self-driving car unit Mobileye public

Intel Corp said on Monday it plans to take self-driving-car unit Mobileye public in the United States in mid-2022, a deal which could value the Israeli unit at more than $50 billion, a person familiar with the matter told Reuters. Chip giant Intel, the largest employer of Israel’s high-tech industry with nearly 14,000 workers, expects to retain Mobileye’s executive team and hold on to a majority ownership in the unit after the initial public offering (IPO) of newly issued Mobileye stock. Intel has no intention to divest or spin off its majority ownership in Mobileye, the company said in a statement, adding that it will continue to provide technical resources to the automaker.

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