World leading chip manufacturer Intel Corp. (INTC) says that its autonomous driving car division Moblileye will be going public come next year. Sources directly involved with the matter says Mobileye will be having its United States initial public offering (IPO) mid-next year, the IPO is set to leave the company with a $50 billion market valuation.
Following this IPO, Intel intends to retain the executive team of Mobileye and also retain majority ownership of the Israel based company which also develops advanced driver-assistance systems.
In an issued statement, Intel claims it has no intentions to divest or spin off its majority ownership in Mobileye further adding that it will continue providing technical resources to the self-driving car maker.
During a press release, the chief executive of Mobileye, Amnon Shashua, said he partnership between the two companies continues to produce strong revenue along free cash flow to Mobileye allowing financing of autonomous vehicle development.
“Amnon and I determined that an IPO provides the best opportunity to build on Mobileye’s track record for innovation and unlock value for shareholders,” added Intel’s CEO, Pat Gelsinger.