14 March, 2017
Intel CEO Brian Krzanich said of the deal, "This acquisition is a great step forward for our shareholders, the automotive industry, and consumers". Intel SVP Doug Davis is overseeing how the two companies will coordinate together. Professor Amnon Shashua, who is one of Mobileye's co-founders and now serves as Chairman and CTO of the company, will lead this new division within Intel. Intel believes that this market will be worth as much as $70 billion by 2030.
Mobileye brings the industry's best automotive-grade computer vision and strong momentum with automakers and suppliers.
Mobileye generated $358 million in revenue a year ago and $108 million in net income, meaning it's getting taken out at 42.7 times sales and 141.7 times earnings.
Autonomous vehicle technology is all the rage right now, and that's being reflected in the valuations that both start-ups and established companies are fetching.
Intel said Monday that one of its subsidiaries "will commence a tender offer" to acquire Mobileye shares for US$63.54 in cash, for an "enterprise value" of about US$14.7 billion.
Sonos Launches Sonos Playbase - Speakersfor TVs that aren't Mounted
If you prefer your TV to be sat on furniture, and you don't have a load of space, then the Playbase might be for you. Sonos' designers have structured the Playbase to withstand the weight of a TV "for years" and it feels that way.
British TV streaming service BritBox is now live in the US
The service is available now on the web, Android, Apple TV, and iOS, with support for Roku and Chromecast coming shortly. BritBox will compete against the other streaming service for British content, Acorn TV , which costs $4.99 per month.
Ujjain train explosion a terrorist attack
At least nine passengers were injured when an explosion hit the Bhopal-Ujjain passenger train this morning. The glass panes of the windows in the general coach were damaged because of the blast.
Mobileye and Intel already are collaborating with BMW on a project that will see the production of 40 self-driving test cars. That is about a 33% premium over Mobileye's stock price at the close of business on Friday, March 10. "Intel provides critical foundational technologies for autonomous driving including plotting the car's path and making real-time driving decisions". Mobileye also has deals with other auto companies including Audi. "This is a record deal not only for Yissum and Mobileye, but for Israel".
Mobileye focuses mostly on software for driverless cars, but also a few hardware solutions.
At the same time, Intel gains access to Mobileye's EyeQ system-on-a-chip (SoC) technology, which helps collect the data from a variety of sensors and cameras installed in the vehicle. Nvidia is betting that graphics chips will be the central driver for the artificial intelligence software that will drive cars without human intervention, while Qualcomm is set to become the world's biggest automotive chip maker after it announced plans to buy NXP Semiconductors for $47 billion.
Mobileye NV (NYSE:MBLY) was downgraded by equities researchers at Dougherty & Co from a "buy" rating to a "sell" rating in a research report issued on Monday.