It’s Official: Aurora, A Self-driving Company Is Set To Go Public

Aurora Innovation Inc., a self-driving technology company, has agreed to merge with Reinvent Technology Partners Y, a blank-check firm founded by executives including LinkedIn co-founder Reid Hoffman and Zynga Inc. founder Mark Pincus, according to people familiar with the situation.

The transaction's worth could not be determined right away. Early in June, TechCrunch claimed that Aurora and the Reinvent SPAC were in negotiations for a $12 billion deal. According to those familiar with the situation, an agreement might be revealed as soon as Thursday. Aurora and Reinvent representatives refused to comment.

Aurora is run by CEO Chris Urmson, and Hoffman serves on the board of directors. Volvo Group was added to the list of partners for developing self-driving trucks by the Silicon Valley-based company in March. Paccar Inc. and Aurora partnered on a similar development arrangement in January. Amazon.com, Hyundai Motor Co., and Kia Motors Corp. are among Aurora's investors, according to the company.

Aurora's technique focuses on progress in lidar, which employs lasers to create a three-dimensional representation of the surrounding area and aid in route planning around roadblocks. It makes use of technology that allows cars to see much further and faster, which is crucial at highway speeds.

In a March initial public offering, Reinvent Technology Partners Y raised $978 million. Previously, the Reinvent SPACs had decided to join with Joby Aviation-a flying taxi company and Hippo-an insurance technology company.