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Safety System Supplier Mobileye Preps for IPO
Amsterdam-based Mobileye NV, a maker of collision-avoidance technology, has sold $400 million in equity, thus allowing early investors to cash out and positioning the company for an initial public offering within a year.
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Amsterdam-based Mobileye NV, a maker of collision-avoidance technology, has sold $400 million in equity, thus allowing early investors to cash out and positioning the company for an initial public offering within a year.
The price for the 27% stake values Mobileye at about $1.5 billion. The deal is expected to close next month. The company did not identify the sellers.
News reports say the buyers are Enterprise Rent-A-Car, U.S. asset managers BlackRock, Fidelity Investment and Wellington Management and China's government-affiliated Sailing Capital Management.
Mobileye sells safety technology that connects a windshield camera to a dashboard device that warns of potential collisions. The company has said it plans to sell a system by 2016 that will enable semi-autonomous driving in new models.
Mobileye, whose operations are in Israel, supplies 19 carmakers, including BMW, General Motors and Hyundai.
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