Intel is planning to take Mobileye, its self-driving vehicle unit, public, sources familiar with the matter told the Wall Street Journal. The company confirmed its plans in a press release following the report..
The deal could value Mobileye at more than $50 billion, four years after Intel acquired the company for $15 billion. The company focuses on chip-based camera systems that support self-driving features in cars.
The deal signals Intel’s attempt to further push into the hot transportation market. It's been a good year for all things transportation, as car companies like Rivian and Tesla take off in the public markets. Plus, as Intel faces supply issues due to the chip shortage, the company could be looking for a boost from fast-growing Mobileye. Mobileye began testing its self-driving car in New York City in June, making it the first company to receive an autonomous vehicle testing permit in the city.
Intel plans to maintain a majority share in Mobileye following a mid-2022 IPO, it said in its press release.
This story was updated Monday evening with confirmation and additional details.