Intel Finalizes Mobileye Purchase

Computer chip maker Intel Corp. has completed its $15 billion tender offer to buy a majority stake in Israeli imaging technology developer Mobileye NV.

The deal give Intel significant entre into the autonomous vehicle market by enabling it to combine its own computer chip skills with Mobileye’s sensor and imaging capabilities. The acquisition also give Intel access to Mobileye’s extensive links to carmakers and their suppliers.

Intel says it will focus on developing so-called level 3, 4 and 5 autonomous driving systems, which are able to automatically pilot a vehicle under most or virtually all driving conditions.

Intel will combine its own automated vehicle unit with Mobileye, which will continue under its own name. The company will remain headquartered in Israel and headed by CEO Amnon Shashua, Mobileye’s co-founder.

Mobileye’s former CEO, Ziv Aviram, has resigned. He will remain with OrCam, a vision technology startup he recently launched with Shashua.