Chipzilla to make its self-driving car unit public

Stefan Mileschin · 8th December 2021, 07:06

Mobileye plans IPO

Intel is planning to make its self-driving-car unit Mobileye a public company in the middle of next year -- an IPO which could value the Israeli unit at more than $50 billion

Chipzilla expects to retain Mobileye's executive team and hold on to majority ownership in the unit after the initial public offering (IPO) of newly issued Mobileye stock.

Intel has no intention to divest or spin off its majority ownership in Mobileye and it will continue to provide technical resources to the automaker.

Mobileye Chief Executive Officer Amnon Shashua said in a release the outfit provides Intel with a strong revenue stream and Intel CEO Kicking Pat Gelsinger said an IPO provides the best opportunity to build on Mobileye's track record for innovation and unlock value for shareholders,

Gelsinger has been under pressure from activist investors such as Third Point LLC to consider spinning off its costly chip manufacturing operations, even as the company has looked to expand its advanced chip manufacturing capacity in the United States and Europe amid a global semiconductor shortage.

https://fudzilla.com/news/automotive...ar-unit-public

8th December 2021, 07:06	#1
Stefan Mileschin [M] Reviewer Join Date: May 2010 Location: Romania Posts: 148,802	Chipzilla to make its self-driving car unit public Mobileye plans IPO Intel is planning to make its self-driving-car unit Mobileye a public company in the middle of next year -- an IPO which could value the Israeli unit at more than $50 billion Chipzilla expects to retain Mobileye's executive team and hold on to majority ownership in the unit after the initial public offering (IPO) of newly issued Mobileye stock. Intel has no intention to divest or spin off its majority ownership in Mobileye and it will continue to provide technical resources to the automaker. Mobileye Chief Executive Officer Amnon Shashua said in a release the outfit provides Intel with a strong revenue stream and Intel CEO Kicking Pat Gelsinger said an IPO provides the best opportunity to build on Mobileye's track record for innovation and unlock value for shareholders, Gelsinger has been under pressure from activist investors such as Third Point LLC to consider spinning off its costly chip manufacturing operations, even as the company has looked to expand its advanced chip manufacturing capacity in the United States and Europe amid a global semiconductor shortage. https://fudzilla.com/news/automotive...ar-unit-public

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