SANTA CLARA, Calif. (AP) - Intel is buying Mobileye in a deal valued at about $14.09 billion, the latest push by a major tech company into autonomous vehicles that could change the way traffic moves globally.
Intel Corp. will pay $63.54 for each Mobileye N.V. share, which is a 34 percent premium to the car technology company's Friday closing price.
The companies put the equity value of the deal at approximately $15.3 billion.
The combined global autonomous driving company, which includes Mobileye and Intel's autonomous driving group, will be based in Israel and led by Mobileye Chairman and co-founder Amnon Shashua.
The deal, approved by the boards of both companies, is targeted to close within nine months.
Mobileye's stock jumped more than 32 percent Monday before the opening bell.
(Copyright 2017 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)