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

Kia is taking things a step further with the new Kia Stinger, which they first introduced at the 2017 Detroit Auto Show. With the specs given to us by the...
by - June 25, 2017
Earlier this week, Nissan revealed a teaser of the new 2018 LEAF’s interior, giving us an idea of what the electric vehicle has to offer. The company released a video...
by - June 25, 2017
The primary suggestion of a 4x4 ute from French company Peugeot was first revealed in 2016. Fifteen months later, the production version is launched. Now, Peugeot is not shying away...
by - June 24, 2017
The new Jaguar E-Pace crossover will soon hold its official launch on July 13 and is expected to arrive at the showrooms by early next year. It couldn’t have come...
by - June 24, 2017
As prices of the original Shelby Cobra have skyrocketed into astronomical proportions, there are firms like Superformance that serve replicas to consumers who demand the same levels of performance at...
by - June 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