Intel to Raise About $1.5 Billion From Mobileye Stake Sale
- Chipmaker will retain about 88% of Mobileye after the sale
- Israeli company’s stock has more than doubled since IPO
Mobileye signage at the Nasdaq MarketSite in New York.
Photographer: Michael Nagle/BloombergThis article is for subscribers only.
Intel Corp., the largest US chipmaker by revenue, will sell part of its holdings in Mobileye Global Inc., raising about $1.48 billion for its ambitious spending plans.
The US company is offering 35 million shares with an option to sell a further 5.25 million shares of the Israeli automated driving technology maker, Mobileye said Monday in a regulatory filing. Mobileye stock has more than doubled since its initial public offering last October. Goldman Sachs Group Inc. and Morgan Stanley will underwrite the sale.