Uber Sells Its Self-Driving Unit To Aurora

Uber's self-driving unit, Advanced Technologies Group (ATG), is being acquired by its start-up competitor Aurora Innovation, the companies announced Monday. From a report: The deal, expected to close in the first quarter of 2021, values ATG at approximately $4 billion. The unit was valued at $7.25 billion in Apr. 2019 when Softbank, Denso and Toyota took a stake. Uber CEO Dara Khosrowshahi will join the company's board, and the ride-sharing giant will invest $400 million into the company. Overall, Uber and ATG investors and employees are expected to own a 40% stake in Aurora, according to a regulatory filing accompanying the deal; Uber alone will hold a 26% stake. The start-up is being valued at $10 billion in the transaction, according to a person familiar with the terms of the deal.

Read more of this story at Slashdot.