Intel Corp is seeking to list self-driving car unit Mobileye in the United States in mid-2022, a deal that could value the unit at $50B, according to a report by Reuters on Tuesday.
- Chip giant Intel, the largest employer of Israel’s high-tech sector with close to 14,000 workers, is projecting to retain Mobileye’s executive team and retain majority ownership in the unit after the IPO of issued Mobileye stock.
- The company stated that it has no desire to divest its majority ownership in Mobileye, further stating that it will continue to offer technical resources to the automaker.
- Amnon Shashua Mobileye, Chief Executive Officer, stated that the partnership continues to generate strong revenue along with free cash flow to Mobileye that allows funding of the autonomous vehicle development.
Pat Gelsinger, the Intel CEO, stated that the company is determined that an IPO provides the best chance to build on Mobileye’s record for innovation and maximize value for shareholders. INTC up +8.18%, Pre-market trading