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Ford-Backed Argo Chooses Citigroup, JPMorgan to Go Public

  • Citigroup, JPMorgan may also help in eventual public offering
  • Funding demands increase as Ford, VW commercial launches near
An Argo AI modified Ford Fusion autonomous car.

An Argo AI modified Ford Fusion autonomous car.

Photographer: Mark Kauzlarich/Bloomberg
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Argo AI, the self-driving startup backed by Ford Motor Co. and Volkswagen AG, is working with investment bankers as it prepares to go public as soon as this year with a valuation expected to top $7 billion.

The five-year-old firm developing autonomous systems for two of the world’s largest automakers has chosen Citigroup Inc. and JPMorgan Chase & Co. to guide a private round of financing this summer. Their work may lead to roles on its public offering, according to people familiar with the deal. Argo and its bankers are looking at either an initial public offering or using a special purpose acquisition company, or SPAC, said the people, who asked not to be identified revealing internal information.