Intel has finalized its $15 billion purchase of autonomous driving technology company Mobileye.
The chipmaker announced its intention to acquire Mobileye back in March and on Tuesday, completed its tender offer for the majority of Mobileye shares.
The move comes as part of Intel’s push to expand its presence in the self-driving car industry which it believes will be valued at up to $70 billion by the year 2030.
Following the completed acquisition, Mobileye will join with Intel’s Automated Driving Group to lead the company’s autonomous driving efforts and have the helping hand of Intel’s resources to deliver cloud-to-car solutions. Mobileye will remain headquartered in Israel.
Discussing the acquisition, Intel chief executive Brian Krzanich said “With Mobileye, Intel emerges as a leader in creating the technology foundation that the automotive industry needs for an autonomous future.
“It’s an exciting engineering challenge and a huge growth opportunity for Intel. Even more exciting is the potential for autonomous cars to transform industries, improve society and save millions of lives,” he said.
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