Porsche in talks to buy stake in Israel’s Mobileye
04 Jun 2013
German sports carmaker Porsche is in talks to buy a 10-per cent stake in Israel-based Mobileye, a developer of vision-based Advanced Driver Assistance Systems (ADAS), for $150 million, Israeli financial news website Calcalist today reported.
Blackstone Group and Fidelity Investments are also expected to invest $100 - $150 million each, the report said.
Mobileye's biggest investor is Goldman Sachs with a 25-per cent stake, according to Calcalist.
Founded in 1999 by Professor Amnon Shashua and Ziv Aviram, Jerusalem-based Mobileye is one of the global leaders in the development of monocular vision-based ADAS.
Mobileye has been selected by a wide range of global automotive companies including BMW, GM, Volvo and Hyundai, for their vehicles.
Mobileye's technology has been implemented and launched by BMW on multiple production platforms: 5-Series, 6-Series, 7-Series, Volvo S80, S60, XC70, XC60 and V70 models, and GM on the Buick Lucerne, Cadillac DTS and STS.
Mobileye will approach existing shareholders who might be interested in selling their stakes to new investors. This will help set a valuation for the company ahead of a possible share offering on the Nasdaq Stock Exchange, Calcalist said.
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