A PYMNTS Company

US: GM’s acquisition of Cruise Automation gets US antitrust nod

By  |  March 28, 2016

General Motors Co has won US antitrust approval for the purchase of Silicon Valley startup Cruise Automation Inc, the Federal Trade Commission said on Monday.

The transaction was on the list of deals that the FTC and Justice Department granted “early termination,” essentially quick antitrust approval.

The Detroit automaker hasn’t disclosed the purchase price, but the deal has been reported to be worth more than $1 billion in cash and stock.

GM said earlier this month it was acquiring “Cruise’s deep software talent and rapid development capability to further accelerate GM’s development of autonomous vehicle technology.”

Full content: The Street

Want more news? Subscribe to CPI’s free daily newsletter for more headlines and updates on antitrust developments around the world.