Intel (NASDAQ: INTC) has agreed to acquire Mobileye (NYSE: MBLY), an Israeli developer of computer vision, localization and mapping tech used in autonomous driving, for $63.54 per share in cash. That figure represents an equity value of roughly $15.3 billion and an enterprise value of $14.7 billion, working out to a healthy 34% premium to Mobileye's closing share price last Friday, when Mobileye had a market cap of $10.5 billion. The company's stock leapt about 29% on Monday to close at $60.76.
The deal continues Intel's push into the self-driving sphere, following the July announcement of a partnership with BMW and Mobileye to launch production of fully automated cars by 2021. And the company's rivals are making similar moves. Samsung agreed to acquire connected autoparts manufacturer Harman International Industries for $8 billion in November, which followed a October announcement that Qualcomm would buy NXP Semiconductors, a maker of chips widely used in the auto industry, for $38 billion.