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John Locher / AP

As earlier reported by Axios, Intel is paying $15.3 billion to acquire Israeli computer vision company Mobileye in an effort to boost the chipmaker's position in the autonomous car market.

That makes it the biggest deal of the year, the largest ever for an Israeli company and Intel's second largest deal ever, according to S&P Global Market Intelligence.

Intel is tapping its foreign cash, paying $63.54 per share in cash for the company and said it should be immediately a boost to its per-share earnings; it is expected to close late this year.

Here's Intel CEO Brian Krzanich's letter to employees (PDF), as well as a missive from Mobileye (PDF) in which CEO Ziv Amnon says he and co-founder Amnon Shashua will continue to run the business.

Why it matters: After dominating the computer chip business in the PC era, Intel largely missed the smartphone revolution. In an effort not to miss the next wave, Intel has spent heavily to acquire companies in virtual reality, machine learning and, now, autonomous cars.

Meanwhile: Wouldn't want to be these guys. Vetr cut its rating on Mobileye – from buy to hold – just hours before news of the deal broke.

Go deeper

3 hours ago - Technology

TikTok drives new nostalgia economy

Illustration: Shoshana Gordon/Axios

Older brands, trends and technologies are making a comeback as younger consumers desperately chase slower, less chaotic times.

The big picture: TikTok's algorithm makes it easy for flashback items to resurface and quickly go viral both on its platform and eventually on other social networks.

Updated 6 hours ago - World

Reports: Up to 17 U.S. missionaries kidnapped in Haiti

Haitian soldiers guard the public prosecutor's office in Port-au-Prince earlier this month. Photo: Richard Pierrin/AFP via Getty Images

Children were among up to 17 American Christian missionaries and their relatives kidnapped by a gang in Haiti on Saturday, the New York Times first reported.

Details: The missionaries had just left an orphanage and were traveling by bus to the airport to "drop off some members" and were due to travel to another destination when the gang struck in Port-au-Prince, Haitian security officials said, per the NYT.

8 hours ago - World

Melbourne, "world's most locked-down city," to lift stay-at-home orders

Victorian Premier Daniel Andrews during a news conference in Melbourne, Australia, on Sunday. Photo: Quinn Rooney/Getty Images

Melbourne's stay-at-home orders will end five days earlier than planned, officials in Australia's second-biggest city announced Sunday.

Why it matters: The capital of the state of Victoria has had six lockdowns totaling 262 days since March last year. That means Melbourne spent longer under lockdown than "any other city in the world" during the pandemic, Reuters notes.

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