RTTNews | Dec 7, 2021 07:11AM EST

07:11 Tuesday, December 7, 2021 (RTTNews.com) - Shares of Intel Corporation (INTC) are up more than 8% in pre-market on Tuesday after the company announced its plan to take Mobileye public in mid-2022.

Intel had acquired Israel-based Mobileye, that develops self-driving cars and advanced driver-assistance systems, four year ago.

Amnon Shashua is expected to continue as Mobileye's CEO after listing, while Intel will remain as the majority owner.

"Intel's acquisition of Mobileye has been a great success. Mobileye has achieved record revenue year-over-year with 2021 gains expected to be more than 40 percent higher than 2020, highlighting the powerful benefits to both companies of our ongoing partnership," Intel CEO Pat Gelsinger said. "Amnon and I determined that an IPO provides the best opportunity to build on Mobileye's track record for innovation and unlock value for shareholders."

INTC closed Monday's regular trade at $50.99, up $1.74, 3.53%. The stock is currently at $55.41.

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