5/3/2020, 2:53 PM (Source: TeleTrader)
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Intel in negotiations to buy transit app Moovit for $1B - report

Intel Corp. is negotiating with Israel-based company Moovit Inc. to acquire its journey planner app Moovit for $1 billion, according to a report published on Sunday by domestic business newspaper Calcalist.

The takeover deal of the service which currently has around 775 million users worldwide is expected to be signed soon, the report noted, adding that Moovit Inc. has already raised $133 million from several investors.

If the deal proceeds, it would mark the third noticeable investment in Israel made by Intel, with the latest deals acquiring of autonomous vehicle technology provider Mobileye for $15.3 billion in 2017 and artificial intelligence firm Habana Labs for $2 billion last December.

Breaking the News / ND