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takyon [soylentnews.org] writes:

Intel plans to take self-driving car unit public in the U.S. in mid-2022 [cnbc.com]

Intel has announced that it plans to list Mobileye, the Israeli autonomous driving firm it acquired [cnbc.com] for $15.3 billion in 2017, as part of an effort to branch out into new markets.

The Santa Clara chip manufacturer said Monday [intc.com] that it plans to take Mobileye public in the U.S. in mid-2022 via an initial public offering of newly issued Mobileye stock. The IPO could value Mobileye at more than $50 billion, according to some reports [reuters.com].

Intel, whose share price has fallen from $68 in April to less than $50 in December, said the listing will create value for Intel shareholders. It added that it will remain the majority shareholder of Mobileye.

Intel CEO Pat Gelsinger hailed the acquisition of Mobileye as a success, adding that Mobileye's revenue will be 40% higher in 2021 than it was in 2020.

Intel CEO aims to build chip plants with money raised from Mobileye IPO [yahoo.com]

Gelsinger said Intel will retain a majority stake in Mobileye and will also receive "the majority of the proceeds" from the IPO. He declined to specify the size of the stake that would be sold or a fundraising target, but said that "certainly it will be helpful in our overall aggressive buildout of plants."

Intel has said it plans to build two chip plants in Arizona, and add other plants in the United States and Europe at sites that have not been announced.

Previously: Intel Buys Driverless Car Sensor Company Mobileye for $15.3 Billion [soylentnews.org]

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