Intel Corp. will spend $15.3 billion to buy up a fast-growing company that makes self-driving car systems.

The deal, which values Jerusalem-based Mobileye (NYSE: MBLY) at $63.54 per share, is expected to close within the next nine months, Intel said. Shares of Mobileye jumped nearly 32 percent on the news.

Mobileye makes a camera-based driving assistance system that’s designed to continually scan what’s around it, identify road markers, road signs, other cars and pedestrians.

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