Intel to take Mobileye public next year – TechCrunch

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Intel plans to unveil Mobileye, an advanced driver assistance and autonomous driving subsidiary that it acquired over $ 15 billion more than four years ago, next year.

Spinting out Mobileye to another publicly traded company could add value to Intel’s shareholders, its parent company said in a statement released late Monday. One source told TechCrunch that the IPO is expected to take about six months. This is a timeline that suggests that the typical IPO roadshow process has not yet started.

Sources familiar with Intel’s plans to list Mobileye shares Told reuters The unit can be worth more than $ 50 billion. The Wall Street Journal first reported Intel’s intention to sell its stake in Mobileye.

“Intel will continue to be the majority owner of Mobileye, and the two companies will continue to be strategic partners in projects to pursue computing growth in the automotive sector,” the company said in a statement. ..

Intel said it would retain majority ownership with no intention of spinning off or selling. The final IPO decision still needs to be achieved and depends on market conditions, but as the majority of stakeholders, Intel’s plan is to continue to fully integrate Mobileye.

Mobileye CEO Amnon Shashua continues to lead the same executive team. According to the company, the Intel team working on LIDAR and radar development will be coordinated under Mobileye, similar to Moovit, an Israeli travel planning app recently acquired by Intel.

“Intel’s acquisition of Mobileye was a huge success. Mobileye is expected to achieve record profits year-over-year, with 2021 profits expected to be more than 40% higher than in 2020. This is ongoing. We are emphasizing the strong benefits of this partnership for both companies, “Intel CEO Pat Gelsinger said in a statement. “Amnon and I have determined that an IPO will provide the best opportunity to build on Mobileye’s track record of innovation and unleash the value of its shareholders.”

According to Shashua, since its acquisition in 2017, Mobileye has been able to triple its annual chip shipments, revenue and workforce.

“With the partnership with Intel, Mobileye continues to provide valuable technical resources and support, generating strong revenue with free cash flow that can fund AV development work from current revenue,” Shashua said. increase.

News coming in just a few months Mobileye has agreed to partner with car rental giant Sixt to launch a robotaxi service in Germany next year… This year, the company expanded its self-driving car testing program to multiple cities in the United States, Europe and Asia. Including New York City, And it says it has secured the victory of 41 new advanced driver assistance system programs across more than 30 automakers. again, 35,000 dedicated unmanned delivery vehicles equipped with Udelv By 2028 Multiple Transactions of Mobility Program as a Service in 2023..

Intel to take Mobileye public next year – TechCrunch Source link Intel to take Mobileye public next year – TechCrunch

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