Intel is acquiring Mobileye, an Israeli company that makes sensors and cameras for driverless vehicles, for roughly $15.3 billion.The transaction has been approved by the Intel and Mobileye boards, and is expected to close within the next nine months subject to customary closing conditions.

Post-acquisition, Intel’s automated driving group will combine with Mobileye to form a global autonomous driving organization. The new organization will be headquartered in Israel, and led by Amnon Shashua, Mobileye’s co-founder, chairman and CTO. Intel senior vice president Doug Davis will oversee the combined organization’s engagement across Intel’s business groups, and report to Mr. Shashua.

Citi and Rothschild serve as financial advisors and Skadden, Arps, Slate, Meagher & Flom serves as legal counsel to Intel. Raymond James & Associates serves as financial advisor and Morrison & Foerster serves as legal counsel to Mobileye.

Intel says it estimates the vehicle systems, data and services market opportunity to be up to $70 billion by 2030. The company expects autonomous vehicles to generate 4,000 GB of data per day by 2020.

You can find an email sent out by Intel CEO Brian Krzanich to the company, talking of the acquisition here.

You can read the email sent out by Mobileye senior management to the company’s employees here.

[Image courtesy: Intel]