(Bloomberg) — Intel Corp. plans to list shares of its Mobileye self-driving car business, according to a person familiar with the situation, letting the chipmaker capitalize on its investment in a burgeoning industry.
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The company could announce the move within the next day, said the person, who asked not to be identified because the matter is private. The news sent shares of Intel up as much as 8.2% to $55.19 in late trading Monday.
Intel Chief Executive Officer Pat Gelsinger has been shaking up the company since taking the helm in February, looking to revive the fortunes of the once-thriving chipmaker.
Intel acquired Mobileye in 2017 for about $15 billion. The company, based in Israel, has tested its technology in robo-taxi fleets in Tokyo, Paris, Shanghai and Detroit.
Intel, based in Santa Clara, California, didn’t immediately respond to a request for comment.
The Wall Street Journal previously reported on the move, saying it would value the business at more than $50 billion.
(Updates with share price in second paragraph. The date of the Mobileye acquisition was corrected in a previous version of the story.)
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