China's Sailing makes partial exit from Israel-based Mobileye

The GP sold about 1.9 million shares at $40 apiece, according to people familiar with the situation.

Sailing participated in a $400 million funding round for Mobileye in July 2013, alongside with BlackRock, Fidelity Management, Wellington Management and Chinese car rental company Rent-A-Car. Sailing itself committed $50 million, taking a 3.5% stake in Mobileye.

Mobileye's raised $890 million through its IPO, a record for an Israeli company in the US. Sailing sold 2.6 million shares, or 1.3% stake, via the offering, a filing showed. Upon completion of the latest transaction, Saling still holds a small portion of shares in Mobileye.

Earlier this week, Mobileye said in a regulatory filing that it would make a secondary offering of 17 million ordinary shares at $41.75 apiece. The selling shareholders have granted the underwriters an option to purchase up to 2.6 million additional ordinary shares. The offering is expected to close by March 20.

Mobileye's solutions range from alert systems for imminent collisions to automated braking mechanisms that help prevent accidents. The company currently works with three major carmakers - General Motors, BMW and Volvo - and is preparing for the rollout of new rules in Europe that will allow for more fully-automated driving. Other countries like the US and China may well follow suit.

Sailing Capital launched in 2012 with RMB50 billion ($8 billion) in assets under management and a remit to provide loans and equity to support Chinese companies in overseas expansion.

• Tweet  
• Facebook  
• LinkedIn  
• Google plus  
• Save this article  
• Send to  

• Topics
• Greater China
• Exits
• Technology
• MENA
• China
• Exit
• sailing capital
• Technology
• MENA