Intel to Buy Mobileye for $15.3 Billion

Intel Corp. on Monday said it struck a deal to buy Mobileye N.V. for about $15.3 billion, the latest investment by a technology company in the future of self-driving cars.

The deal values Mobileye at $63.54 per share, a 34% premium to its closing price Friday. Mobileye shares rose 33.3% to $63.01 in premarket trading and were recently halted, while Intel shares fell 1.8%.

Mobileye makes chip-based camera systems that power semi-automated driving features that already being used in cars today and is working to put that technology in the center of self-driving cars of the future.

The two companies already have ties. Intel, Mobileye and BMW AG, have a partnership to put about 40 self-driving cars on the road in test mode.

Write to Austen Hufford at austen.hufford@wsj.com