Intel Acquisition of Mobileye

Intel and Mobileye announced on March 13, 2017 that they had entered into a definitive agreement pursuant to which Intel would acquire Mobileye. Under the terms of the agreement, Cyclops Holdings, LLC, a subsidiary of Intel commenced a tender offer to acquire all of the issued and outstanding ordinary shares of Mobileye for $63.54 per share in cash, representing a fully-diluted equity value of approximately $15.3 billion and an enterprise value of $14.7 billion. The tender offer (including the subsequent offering period) expired on August 21, 2017, at which time Intel had acquired approximately 97.3% of the outstanding ordinary shares of Mobileye.

On March 27, 2018, the Enterprise Chamber (Ondernemingskamer) of the Amsterdam Court of Appeals (Gerechtshof Amsterdam) rendered a final judgment in the statutory compulsory acquisition proceeding (uitkoopprocedure) for all remaining outstanding Mobileye shares (as further described below). Funds for payment of all remaining outstanding shares of Mobileye were transferred to the Dutch consignment office on April 26, 2018.

The acquisition couples the best-in-class technologies from both companies, including Intel’s high-performance computing and connectivity expertise and Mobileye’s leading computer vision expertise to create automated driving solutions from the cloud through the network to the car.

The combination is expected to accelerate innovation for the automotive industry and position Intel as a leading technology provider in the fast-growing market for highly and fully autonomous vehicles. Intel estimates the vehicle systems, data and services market opportunity to be up to $70 billion by 2030. The transaction extends Intel’s strategy to invest in data-intensive market opportunities that build on the company’s strengths in computing and connectivity from the cloud, through the network, to the device.