Shares of Intel are up 4%
Shares of chipmaker giant Intel, which have largely underperformed so far this year, rose by more than 4% Tuesday after the company announced plans to take its self-driving car unit public in 2022 at a potential $50 billion valuation.Krisztian Bocsi/BloombergThe tech giant said that it would take its self-driving car firm, Mobileye, public next year at a potential valuation of more than $50 billion, sources firstIntel originally acquired 100% of the Israeli company in 2017 for $15.
The chipmaker intends to maintain majority ownership in Mobileye following an initial public offering, with the two companies also continuing as strategic partners, according to a companyShares of Intel, which have largely slumped in recent years, jumped as much as 8% on the news before paring back gains somewhat—with the stock currently up around 4% on Tuesday.
Intel CEO Pat Gelsinger, who took over the top job in February, added in a statement that Mobileye’s annual revenue is expected to grow more than 40% in 2021. Mobileye’s planned public offering is the latest effort from Gelsinger to turn the company around and expand into new markets, as Intel has faced pressure from investors after several years of lackluster performance.“Intel’s acquisition of Mobileye has been a great success," said Gelsinger. “An IPO provides the best opportunity to build on Mobileye’s track record for innovation and unlock value for shareholders.
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