Intel is making a major move in the self-driving car wars, agreeing to buy Israel's Mobileye for approximately $15 billion. An announcement is expected later this morning.

News of the mega-merger was first reported in The Marker, and has been confirmed to Axios by a source familiar with the situation. Neither company has returned requests for comment.

Update: The news is officially out. Intel will pay $63.54 per share, which represents a fully-diluted equity value of $15.3 billion and an enterprise value of $14.7 billion.

Background: Intel and Mobileye had gotten close in recent months. Last fall, the two companies agreed to a partnership whereby Intel would provide specialized chips to Mobileye's auto collision avoidance system. Then, this past January, the two companies said that they were working with BMW to get 40 autonomous cars on the road in the second half of 2017.

Why it matters: Intel believes that auto is a big part of its future, and bringing Mobileye in-house could help it catch up to rival chipmakers like Qualcomm and Nvidia. It also could aid Intel in the drone space, given Mobileye's focus on collision avoidance. For Mobileye, it's a huge premium (the company was valued at around $10.5 billion at market close Friday) and is vindication after Citron Research started shorting the company in February, saying that it was "a one-trick pony" that was overvalued.

Why repatriate? California-based Intel is expected to use cash "stuck overseas" to finance the purchase.

Expand chart

Data: Money.net; Chart: Andrew Witherspoon / Axios

Go deeper

40 mins ago - Podcasts

The art and business of political polling

The election is just eight days away, and it’s not just the candidates whose futures are on the line. Political pollsters, four years after wrongly predicting a Hillary Clinton presidency, are viewing it as their own judgment day.

Axios Re:Cap digs into the polls, and what pollsters have changed since 2016, with former FiveThirtyEight writer and current CNN politics analyst Harry Enten.

Twitter launches warnings on election misinformation and delays

Photo: courtesy of Twitter

Twitter will start pinning notices to the top of all U.S. Twitter users’ timelines warning that results in next week’s election may be delayed and that they may encounter misinformation on mail-in voting.

Why it matters: Delayed election results are expected across many states that are handling unprecedented amounts of absentee and mailed ballots, which President Trump has baselessly called "very dangerous" and "corrupt."

Miriam Kramer, author of Space
3 hours ago - Science

NASA confirms water exists on sunny parts of the Moon

Photo: NASA/JPL/USGS

Water on the Moon might be more easily accessible than previously thought, opening up new possible avenues for future human exploration, according to a new study.

Why it matters: NASA is aiming to send people back to the Moon as part of its Artemis program by 2024, with plans to eventually create a sustainable presence on the lunar surface. That sustainability relies on mining the moon for its resources, like water.