Intel to sell $1.5 billion stake in Mobileye
Reuters
Published Jun 05, 2023 05:31PM ET
(Reuters) - Intel Corp (NASDAQ:INTC) is offering 35 million shares of Class A common stock, or about a $1.5 billion stake, in Mobileye Global Inc, according to a regulatory filing on Monday.
After the offering, Intel's voting share in the self-driving technology company will come down to about 98.7% from the 99.3% it currently holds.
Shares of the Jerusalem, Israel-based Mobileye fell over 4% to $40.55 in extended trading.
The share sale comes at a time when the company is facing intense competition in the assisted driving market from chipmakers Nvidia (NASDAQ:NVDA) Corp and Qualcomm (NASDAQ:QCOM) Inc, which are trying to make inroads into the space.
Mobileye, which counts BMW, Nissan (OTC:NSANY) and Volkswagen (ETR:VOWG_p), among others as its customers, listed on the Nasdaq last year after raising $861 million in an initial public offering.
Goldman Sachs & Co (NYSE:GS) and Morgan Stanley (NYSE:MS) are acting as joint book-running managers for the share sale, the company said.
Get The News You Want
Written By: Reuters
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.