Hyperdrive
Self-Driving Startup Aurora in Agreement With Reinvent SPAC
- Deal is backed by Baillie Gifford, Uber, Volvo, among others
- Lidar maker to list on Nasdaq by year-end under ticker AUR
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Driverless technology startup Aurora Innovation Inc. has agreed to go public via a merger with Reinvent Technology Partners Y, a blank-check firm led by executives including LinkedIn co-founder Reid Hoffman and Zynga Inc. founder Mark Pincus.
The deal represents an equity value of $11 billion for Aurora, and the combined company will be valued at $13 billion, according to a statement Thursday. The company is expected to have about $2.5 billion of cash at closing that will allow it to commercialize self-driving trucks.