Intel (www.intel.com) has announced a $15.3 billion acquisition of Israeli automotive technology company Mobileye N.V. The $63.54-per-share deal will bring Mobileye’s leadership in the development of computer vision and machine to Intel.
The deal is expected to close within the next nine months, Intel said. Shares of Mobileye jumped nearly 32% on the news.
Intel says self-driving cars will represent a $70 billion market by the year 2030. Each self-driving car on the road will generate 4 terabytes of data per hour by the year 2020, the company estimates.
“This massive amount of data requires all of Intel’s assets to provide the cost-effective high performance solutions our customers need,” CEO Brian Krzanich wrote in a memo to employees. “The addition of Mobileye to our family provides the data path to our computing solutions becoming the intelligent set of eyes that will allow a vehicle to see and define the world around it.”