(Reuters) – Amazon.com Inc (AMZN.O) plans to create at least $100 million in stock awards to retain the 900-plus employees of Zoox, the self-driving car startup it offered to buy last month, and can walk away from the deal if large numbers of them turn down job offers from the technology giant.
FILE PHOTO: The logo of Amazon is seen at the company logistics center in Lauwin-Planque, northern France, April 22, 2020 amid the coronavirus disease (COVID-19) outbreak. REUTERS/Pascal Rossignol
Amazon, which is aggressively expanding into self-driving technology, announced June 26 it had agreed to acquire the Silicon Valley company, which was founded on an ambitious effort to design a fully autonomous vehicle from scratch rather than retrofitting existing cars for self-driving.
Amazon will pay $1.3 billion in cash for the takeover, which the parties hope to close by September, according to deal documents seen by Reuters.