Monday greetings from the home office, even though I was supposed to be in D.C. today (storm is pushing that back a week). Please remember that today is the launchof Axios Login, our new daily tech newsletter that includes an exclusive interview with Bill Gates. Sign up by going here. Okay, on to the business of business...
Top of the Morning
The BFD: Intel buying Mobileye
Intel (Nasdaq: INTC) has agreed to acquire Mobileye (NYSE: MBLY), an Israeli developer of vehicle collision avoidance systems, for $15.3 billion. The $63.54 per share price represents a 34.4% premium over Friday's closing for Mobileye stock.
Why it's the BFD: This is Intel's second-largest acquisition of all time, and the largest-ever acquisition of an Israeli tech company (per S&P). It's also the year's biggest tech deal to date.
Bottom line: Intel believes that auto is a big part of its future, and bringing Mobileye in-house is a pricey attempt to 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 big premium (and a giant multiple on $358m/$108m in 2016 revenue/earnings), and is vindication after Citron Research started shorting the company in February, saying that it was an overvalued "one-trick pony." Oh, and there even was a research analyst downgrade on the stock this morning.
Venture Capital Deals
Private Equity Deals
• Eduardas Afanasjevas and Gregory Weegenaar have joined British buyout firm TDR Capital to launch a data science unit, aimed at analyzing and improving performance of portfolio companies, per Dow Jones. TDR is soon expected to close on 3 billion for its latest fund. http://bit.ly/2n0kvQO
• Timothy Cremieux has joined Waud Capital Partners as a vice president. He previously was a VP for GenNx360 Capital Partners. www.waudcapital.com
• James McIntire, the former Washington State Treasurer and chairman of the Washington State Investment Board, has joined Star Mountain Capital as a "strategic investor" and senior advisor. http://bit.ly/2mDk91t
• Ben Schryber has joined The Carlyle Group as a New York-based managing director, leading global credit sales and business development. He previously was global head of credit at fund placement firm First Avenue Partners. www.carlyle.com
• Phil Schwarz, the former CMO of Tinder, has joined Chicago-based seed investment firm Corazon Capital as a principal, according to StrictlyVC. www.corazoncap.com