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Intel to Spin Off Self-Driving Tech Firm

The chip giant acquired Mobileye four years ago.

Amid a tumultuous environment for semiconductor companies, one of the world’s largest plans to part ways with a high-profile subsidiary.

Intel this week announced that it would list Mobileye as a publicly traded company next year.

The company acquired the Israeli self-driving technology startup in 2017 for more than $15 billion.

Although the segment’s sales and revenue soared in subsequent years, Intel officials suggested that Mobileye remained somewhat “hidden.”

An initial public offering could reportedly value the company at $50 billion.

Intel would remain Mobileye’s majority shareholder, and would use the proceeds to help fund its aggressive expansion plans.

The deal could also help Intel shareholders battered by its proposed $20 billion investment in semiconductor fabrication.

Mobileye partners with many of the world’s leading automakers, including GM, Ford, BMW and Tesla.

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