Amazon agrees to buy self-driving startup Zoox for over US$1 billion: The Information

Business

Amazon.com Inc has agreed to pay over US£1 billion to buy self-driving startup Zoox Inc, the Information reported on Thursday, citing sources, in a move that would expand the e-commerce giant's reach in autonomous-vehicle technology.

FILE PHOTO: Amazon logistics center in Lauwin-Planque FILE PHOTO: Amazon logistics center in Lauwin-Planque26 Jun 2020 01:45PM

Share this content

Bookmark

REUTERS: Amazon.com Inc has agreed to pay over US£1 billion to buy self-driving startup Zoox Inc, the Information reported on Thursday, citing sources, in a move that would expand the e-commerce giant's reach in autonomous-vehicle technology. The report https://bit.ly/3dwgauV did not mention the exact purchase price and added Amazon is unlikely to disclose it when the deal is announced, likely to be on Friday.

AdvertisementAdvertisement

A majority of Zoox investors are getting their money back, with some making a positive return, the report added.

Lux Capital, DFJ and Atlassian co-founder Michael Cannon-Brooks are some of the investors. Amazon and Zoox did not immediately respond to a Reuters request for comment. The Wall Street Journal reported last month that the companies were in advanced talks and the deal could value Zoox at less than the US£3.2 billion it achieved in a funding round in 2018.

Amazon has stepped up its investment in the car sector, participating in a US£530 million funding round early last year in self-driving car startup Aurora Innovation Inc.

AdvertisementAdvertisement

(Reporting by Vishal Vivek in Bengaluru; Editing by Krishna Chandra Eluri)

You may also like...