Intel Gets German, Austrian Regulatory Approval For Mobileye Acquisition

(RTTNews) - Intel Corp. (INTC) said that the German Federal Cartel Office (Bundeskartellamt) and the Austrian Bundeswettbewerbsbehörde (Federal Competition Authority) have each approved the company's previously announced proposed acquisition of Mobileye N.V. (MBLY).

The approval from the German Bundeskartellamt on July 6, 2017, and the Austrian Bundeswettbewerbsbehörde on July 7, 2017 satisfies a condition to the closing of the previously announced all cash tender offer by Cyclops Holdings, LLC, a wholly owned subsidiary of Intel, to purchase all of the outstanding ordinary shares of Mobileye.

In March 2017, Intel said it agreed to buy Mobileye for $63.54 per share in cash, representing an equity value of about $15.3 billion and an enterprise value of $14.7 billion.

Completion of the tender offer remains subject to additional conditions described in the tender offer statement on Schedule TO filed by Cyclops Holdings with the U.S. Securities and Exchange Commission on April 5, 2017.

Such conditions include the receipt of regulatory approval from the Korean Fair Trade Authority and at least 95 percent of Mobileye's outstanding shares being validly tendered and not withdrawn prior to the expiration of the tender offer.