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:

Comments

Recommended

Are you a big fan of legendary boxer Mike Tyson, the former heavyweight world champion? Or are you a big fan of the iconic Ferrari F50? Either way, you will...
by - February 24, 2017
It seems that AM-RB 001 hypercar is not the only vehicle project that Aston Martin and Red Bull Racing has gone into. This time, don’t expect something as outlandish as...
by - February 24, 2017
The year 2018 marks the golden anniversary of Subaru of America. Of course, the company will celebrate 50 years of being at the helm of the brand’s crusade in North...
by - February 24, 2017
During car crashes and accidents, there are times that its occupants can’t get out easily. There are times when the only way to get out of that situation is to...
by - February 23, 2017
Could this be a special version of Ferrari’s much acclaimed LaFerrari? No matter how we look at it, the patent images for this sports car from Ferrari indicate its striking...
by - February 23, 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