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Saturday, 12 December 2020

Uber sells autonomous driving unit ATG to Aurora in $4bn all-stock deal

  • Uber Technologies Inc is selling its autonomous driving unit, Uber Advanced Technologies Group (ATG), to self-driving car startup Aurora, in an all-stock deal that values ATG at $4 billion, the companies said on Monday.
  • The transaction is at a very low valuation considering that ATG had raised $1 billion from a consortium of investors, including Toyota Motor Corp and SoftBank Group Corp, at a valuation of $7.25 billion last year.
  • As part of the deal, Uber is also investing $400 million in Aurora, which values Aurora at $10 billion. Uber will hold about 26 per cent ownership interest in Aurora on a fully diluted basis, the companies said in regulatory filings.
  • Aurora, which is developing self-driving trucks, cars and delivery vehicles, will collaborate with Uber to launch self-driving vehicles on its ride-hailing and food delivery network. Uber is also working on building out its freight logistics platform but is not operating its own trucks at present.
  • Aurora said it is acquiring Uber’s self-driving unit, Advanced Technologies Group, to accelerate development of its Aurora Driver project. The strategic partnership with Uber will help deliver the benefits of self-driving technology, and set a new culture where the two companies win together. 
  • ATG's team and technology will accelerate our mission and the delivery of our first product safely, quickly, and broadly it added.
  • “With the addition of ATG, Aurora will have an incredibly strong team and technology, a clear path to several markets, and the resources to deliver. Simply put, Aurora will be the company best positioned to deliver the self-driving products necessary to make transportation and logistics safer, more accessible, and less expensive,” said Chris Urmson, co-founder and CEO of Aurora.
  • ATG will strengthen and accelerate the first Aurora Driver applications for heavy-duty trucks while allowing the company to continue and accelerate work on light-vehicle products. 
  • In addition to acquiring ATG, Aurora also announced a strategic partnership with Uber that connects technologies of both companies – Aurora’s autonomous trucking Uber’s passenger mobility. Uber will be investing $400 million in Aurora and Uber CEO Dara Khosrowshahi is joining Aurora’s board. Source: https://www.domain-b.com
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