Mobileye $948 million secondary offering and $100 million share repurchase

Davis Polk advised Mobileye Global Inc. in connection with an SEC-registered secondary offering of 57,500,000 shares of Class A common stock by a subsidiary of Intel Corporation as the selling stockholder for approximately $948 million in total gross proceeds, including 7,500,000 shares of Class A common stock purchased pursuant to the full exercise of the underwriter’s option to purchase additional shares. Davis Polk also advised Mobileye on a concurrent $100 million share repurchase from the selling stockholder.

Mobileye is a leader of the mobility revolution with its autonomous driving and driver-assistance technologies, harnessing world-renowned expertise in artificial intelligence, computer vision, mapping and integrated software and hardware. Since its founding in 1999, Mobileye has enabled the wide adoption of advanced driver-assistance systems that bolster driving safety, while pioneering such groundbreaking technologies as REM crowdsourced mapping, True Redundancy sensing and Responsibility Sensitive Safety (RSS). As of 2024, the company’s EyeQ technology has been integrated into more than 200 million vehicles worldwide. Since 2022, Mobileye has been listed independently from Intel, which retains majority ownership. The shares of Class A common stock are listed on the Nasdaq Global Select Market under the symbol “MBLY.”

The Davis Polk corporate team included partner Michael Kaplan, counsel Christopher H. Van Buren and associate Walker Halstad. Partners William A. Curran and Aliza Slansky and associate Fred Fu provided tax advice. All members of the Davis Polk team are based in the New York office.