Californian chipmaker Intel Corp. set to buy Israel’s Moovit for $1 billion

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Californian chipmaker Intel Corp. set to buy Israel’s Moovit for $1 billion

Intel Corp., the Santa Clara, CA-based world’s largest and highest valued semiconductor industry Goliath by revenue which had created the world’s first commercial microprocessor chip back in the 1971s, had been in an advanced stage talks to take over the Israeli public transit app developer Moovit at a $1 billion buyout deal, an Israeli business daily newspaper Calcalist had unveiled in a report on Sunday, the 3rd of May 2020, citing anonymous sources familiar with the subject-matter.

In point of fact, latest development on Intel Corp.’s new acquisition bid was brought in to light days after the Moovit, an Israel-based multinational mobility service provider and journey planner application available on iOS, Android and Mobile Web, had raised a stark sum of $133 million from a number of investors including Intel Corp., Sequoia Capital and BMW iVentures.

Besides, in latest response to the pandemic outbreak, Moovit had launched an emergency app last month crafted for transforming vehicles in to an on-demand services aimed at moving essential workers safely to their workspaces.

Aside from that, although, neither Intel Corp. nor Moovit had commented over the takeover bid on Sunday (May 3rd), but the Calcalist report was quoted multiple sources as saying on condition of anonymity that the acquisition had been very close to having signed off.