JERUSALEM/NEW YORK (Reuters) – Chipmaker Intel Corp (INTC.O) has bought Israeli public transit app maker Moovit for about $900 million to help it develop self-driving “robotaxis” that could take to the streets in early 2022, the company said on Monday.
FILE PHOTO: U.S. chipmaker Intel Corp’s logo is seen on their “smart building” in Petah Tikva, near Tel Aviv, Israel December 15, 2019. Picture taken December 15, 2019. REUTERS/Amir Cohen
Moovit will remain independent while its technology and the data it collects from more than 800 million users in 102 countries will be integrated into Intel’s Israel-based autonomous car unit Mobileye.
The price paid was nearly twice the $500 million valuation when Moovit last raised money in 2018. Intel owned about 7% of Moovit through a previous equity investment and paid about $840 million in cash to assume full ownership.
The deal talks started with Moonvit seeking to do a capital raise before the novel coronavirus outbreak globally,…
Source news reuters.com, click here to read the full news.