The United States Federal Trade Commission (FTC) has granted General Motors Company antitrust approval for its purchase of Cruise Automation.
Initially announced by GM on March 11th, the transaction was on a list which the FTC and Justice Department awarded “early termination” — otherwise known as quick antitrust approval.
According to General Motors, the purpose of the acquisition was Cruise’s “deep software talent and rapid development capability to further accelerate GM’s development of autonomous vehicle technology.”
Though the automaker has yet to disclose the price it paid for the Silicon Valley startup, the deal has been reported to be worth over $1 billion in cash and stock.
No Comments yet