#Intel to sell $1.5bn stake in #Mobileye
(MNP) – #Intel Corp (INTC.O) is #offering 35 #million shares of Class A common #stock, or about a $1.5 #billion #stake, in #Mobileye Global Inc (MBLY.O), 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 Corp (NVDA.O) and Qualcomm Inc (QCOM.O), which are trying to make inroads into the space.
Mobileye, which counts BMW (BMWG.DE), Nissan (7201.T) and Volkswagen (VOWG_p.DE), among others as its customers, listed on the Nasdaq last year after raising $861 million in an initial public offering.
