Intel is set to publicly list its Israel-based mobile unit Mobileye, the Israeli newspaper Calcalist has reported.
The company was acquired in a nearly $15 billion deal in 2018, which would make Mobileye the single largest Israeli tech merger in history.
In order to comply with Israeli regulations on the matter, Intel is looking to list its unit on the Tel Aviv Stock Exchange (TASE), but not the Wix exchange, as is customary for large companies. Instead, it is now considering listing on the TASE’s Technology division (TA-TASE), where it would have to consider a 40-year lock-up on insiders, Calcalist reported.
Mobileye currently has 57 of its employees listed on the TASE, however this is actually the 27th new public company to list on the TASE that would have changed their listing there.
Intel is currently in the process of determining which date it would list its Israeli unit, as it is also considering a slightly later-than-usual listing, citing strong stock markets in Europe, Asia and the US. In an investor call following its earnings, Intel said that, in “full coordination with the TASE,” it will decide what to do by the end of the month.
In the long term, an IPO would be a major boon for Israel’s tech industry, as it would give the company and its tech workers the freedom to strike out on their own. Currently, most Israelis who work in Silicon Valley cannot take their companies public.
Israel is already home to thousands of multinational tech giants, including Nokia, IBM, Cisco, Elbit, and KIT Digital. But Intel, which became the second largest holder of Israeli patents in 2018, is currently ranked fourth. Any IPO, though, would likely only further cement Israel’s reputation as a hotbed of innovation.
Read the full story at Calcalist.
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