Israel’s Mobileye is being acquired by Intel for up to $15.3 billion at $63.54 per share in cash, making it the largest acquisition deal for an Israeli tech company.

The acquisition of Mobileye, which makes vision-based collision detection and avoidance systems for cars, will be a key feature in Intel’s self-driving car strategy. The chipmaker was already a partner of the company along with BMW.

“By pooling together our infrastructure and resources, we can enhance and accelerate our combined know-how in the areas of mapping, virtual driving, simulators, development tool chains, hardware, data centers and high-performance computing platforms,” said Ziv Aviram, CEO in a statement.

“This acquisition is a great step forward for our shareholders, the automotive industry and consumers,” added Brian Krzanich, Intel CEO.

"Together, we can accelerate the future of autonomous driving with improved performance in a cloud-to-car solution at a lower cost for automakers.”

Based in Jerusalem, Mobileye was founded in 1999 and is listed on the New York Stock Exchange. The acquisition is expected to close within the next nine months.

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