Intel Corp. has announced that the Israeli Antitrust General Director, in accordance with Section 20(b) of the Israel Restrictive Trade Practices Law, has approved the previously announced proposed acquisition of Mobileye N.V. by Intel on June 13.

The approval from the Israeli Antitrust General Director satisfies a condition to the closing of the previously announced all cash tender offer by Cyclops Holdings LLC, a wholly owned subsidiary of Intel, to purchase all of the outstanding ordinary shares of Mobileye.

Completion of the tender offer remains subject to additional conditions described in the tender offer statement. Such conditions include the receipt of regulatory approvals in certain non-U.S. jurisdictions and at least 95 percent of Mobileye’s outstanding shares (as such threshold may be lowered pursuant to the purchase agreement by and among Intel, Cyclops and Mobileye) being validly tendered and not withdrawn prior to the expiration of the tender offer (including any extensions). The tender offer will continue to be extended until all conditions are satisfied or waived, or until the tender offer is terminated, in either case pursuant to the terms of the purchase agreement and as described in the Schedule TO.