Porsche in talks to buy 10% of Mobileye for $150 million

Article by Anita Panait, on June 7, 2013

Porsche is holding talks to acquire a 10-percent stake at Israeli-based supplier Mobileye for $150 million, according to the Calcalist financial news. Mobileye, a developer of safety technology to assist drivers, is looking for three to four new partners who together could pour in between $300 million and $500 million in the company in exchange for a 20- to 30-percent stake, Calcalist said.

Blackstone Group and Fidelity Investments are also expected to invest between $100 million and $150 million each into the company. The report said  the company will approach current shareholders who might be willing to dispose their stakes to new investors.

Calcalist said the fresh investments into Mobileye could help set a valuation for the company ahead of a possible share offering on NASDAQ. Goldman Sachs currently holds the largest share in Mobileye at 25 percent.

Mobileye's safety systems include a windshield-mounted camera that takes images of what is in the vehicle’s front. The images are then processed by a chip made by STMicroelectronics, which then provides audio-visual warnings to drivers on a small device on the dashboard.

Warnings include those for avoiding vehicle collisions and those for avoiding passenger collisions. The system then automatically brakes prior to impact. Mobileye expects sales of its safety products to more than double annually in the next few years as carmakers aim to provide more safety features in their vehicles. [source: Reuters]

Topics: porsche

If you liked the article, share on:

Pin It

Comments

Recommended

Lamborghini has disclosed that it is looking into the possibility of releasing electric vehicles. With the Volkswagen Group revealing that it will be releasing electric vehicles within several years, there...
by - March 25, 2017
Daimler AG, through its Smart division, has disclosed that its two electric models, the Smart ForTwo and the Smart ForFour are now open for orders in Germany. Official market launch...
by - March 25, 2017
Lamborghini has officially offered clear proof that the Huracán Performante was able to set a new record at the Nürburgring Nordschleife with a time of 6:52.01 It was in early...
by - March 25, 2017
Top Gear has revealed that for its “Stars in a Reasonably Fast Car” segment, it will now be using a slightly enhanced Toyota GT86, which in the U.S. market is...
by - March 24, 2017
Porsche is laying aside any plans of pushing another hybrid hypercar into their line-up -- at least not at this time. Oliver Blume, Porsche Global Chief confirmed in a recent...
by - March 24, 2017
Facebook

Youtube Channel

Tip Us
Do you have a tip for us?
Did you film an important event?
Contact us
Newsletter
Subscribe to our newsletter!
Subscribe
Galleries