Autos

Uber sells ATG self-driving unit to Aurora

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Uber‘s self-driving unit, Advanced Technologies Group (ATG), is being acquired by its start-up competitor Aurora Innovation, the companies announced Monday.

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…



Source cnbc.com

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