Intel To Buy Autonomous Hardware Provider Mobileye For $15.3 Billion

The company said in statement, "Under the terms of the agreement, a subsidiary of Intel will commence a tender offer to acquire all of the issued and outstanding ordinary shares of Mobileye for $63.54 per share in cash, representing a fully-diluted equity value of approximately $15.3 billion and an enterprise value of $14.7 billion."

In a letter to employees, Intel chief executive Brian Krzanich said, "The acquisition of Mobileye brings together the assets of Intel's Xeon processors, FPGAs, 3D XPoint memory, and 5G modems with the world leader in automotive computer vision. This acquisition essentially merges the intelligent eyes of the autonomous car with the intelligent brain that actually drives the car."

Mobileye was the autonomous hardware provider for Tesla but split last year. But, the company is working with some established giants and startups to bring its technology to the streets. The companies which Mobileye has collaborated includes BMW, General Motors, and Lucid.

Intel Ceo estimates the self-driving will be a $70 billion industry by 2030. Last year, Intel and Mobileye struck a deal to start developing better autonomous technology.