Intel Corporation To Acquire Mobileye
On March 13, 2017 Intel Corporation (NASDAQ: INTC) announced they have entered into a definitive agreement to acquire Mobileye N.V. (NYSE: MBLY) – a global leader in the development of computer vision and machine learning, data analysis, localization, and mapping for advanced driver assistance systems and autonomous driving. Intel estimates the vehicle systems, data and services market opportunity will reach over $70 billion by 2030. The combined companies hope to deliver new driving solutions that will transform the automotive industry. Some additional highlights of the transaction that Intel has identified are below:
- Will bring together Mobileye’s leading computer vision expertise with Intel’s high-performance computing and connectivity expertise to create automated driving solutions from cloud to car.
- Positions Intel to accelerate innovation for automakers and to capture fast-growing market opportunity, estimated to be up to $70 billion by 2030.
- Acquisition expected to be accretive to Intel’s non-GAAP EPS and free cash flow immediately.
Under the terms, Intel will commence a tender offer to acquire all of the issued and outstanding ordinary shares of Mobileye for $63.54 per share in cash, which represents an equity value of approximately $15.3 billion and an enterprise value of $14.7 billion. Intel intends to fund the acquisition with cash from the balance sheet. The transaction is expected to close within the next nine months.
Read the full press release at www.intel.com
Below are highlights of additional Merger and Acquisition activity from the last week:
Specialty Stores M&A News: Party City Holdco Inc. (NYSE: PRTY), the leading vertically integrated party goods company in North America, announced on March 7 that it has acquired a majority interest in Granmark, a leading privately held manufacturer and distributor of party supplies, gift wrap, and stationery items.
Read more at www.partycity.com
Aerospace & Defense M&A News: On March 7, KeyW Holding Company (NASDAQ: KEYW) announced that it has signed a definitive agreement to acquire Sotera Defense Solutions (Sotera) in an all-cash transaction valued at approximately $235 million.
Read more at www.keywcorp.com
Manufacturing M&A News: On March 8, HEICO Corporation (NYSE: HEI) announced that its Flight Support Group has signed an agreement to acquire 80.1% of the operating units of Air Cost Control (“A2C”).
Read more at www.heico.com
