Deals and IPOs

Here's why Intel-Mobileye is the 'perfect acquisition', according to Jim Cramer

Intel's MobilEye buy a 'fabulous deal': Cramer

Intel's agreement to buy Israeli driverless technology firm Mobileye is the 'perfect acquisition' for the U.S. chip giant, CNBC's Jim Cramer said on Monday.

"This is very forward looking. And this market is just ... not going away. It is accelerating rapidly," Cramer said on "Squawk on the Street."

On Monday, shares of Intel slid more than 1 percent after it agreed to buy tech firm Mobileye for $15.3 billion.

The $63.54 per share cash deal is the world's biggest purchase of a company solely focused on the autonomous driving sector. Mobileye accounts for 70 percent of the global market for advanced driver-assistance and anti-collision systems.

Intel said it expected the transaction to close within the next nine months.

—Reuters contributed to this report.