American chip giant Intel is buying Israeli company Mobileye in a deal valued at about $15 billion, the latest push by a major tech company into autonomous vehicles that could change the way traffic moves globally. The Jerusalem-based company develops vision-based driver-assistance tools providing early warnings to avoid collisions. The company's technology has most recently been incorporated into self-driving vehicles. The two companies were set to announce the acquisition, the largest ever for an Israeli high-tech company, later on Monday. The companies put the equity value of the deal at approximately $15.3 billion.
The two companies are already collaborating with BMW on a project to put a fleet of around 40 self-driving test vehicles on the road in the second half of this year.
BMW announced its partnership with the two firms in July, with the goal of developing the capability of introducing fully autonomous vehicles to the market by 2021.
Founded in 1999 with a mission to reduce vehicle injuries and fatalities, Mobileye listed in 2014 on the New York Stock Exchange, where its market cap is $10.6 billion.
Goldman Sachs invested $130 million in the company in 2007.
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