Amazon agrees to buy self-driving startup Zoox for over $1 billion: The Information

FILE PHOTO: The logo of Amazon is seen at the company logistics center in Lauwin-Planque, northern France, April 22, 2020 after Amazon extended the closure of its French warehouses until April 25 included, following dispute with unions over health protection measures amid the coronavirus disease (COVID-19) outbreak. REUTERS/Pascal Rossignol

(Reuters) – Amazon.com Inc (AMZN.O) has agreed to pay over $1 billion to buy self-driving startup Zoox Inc, the Information reported on Thursday, citing sources, in a move that would expand the e-commerce giant’s reach in autonomous-vehicle technology.

The report bit.ly/3dwgauV did not mention the exact purchase price and added Amazon is unlikely to disclose it when the deal is announced, likely to be on Friday.

A majority of Zoox investors are getting their money back, with some making a positive return, the report added. Lux Capital, DFJ and Atlassian co-founder Michael Cannon-Brooks are some of the investors.

Amazon and Zoox did not immediately respond to a Reuters request for comment.

The Wall Street Journal reported last month that the companies were in advanced talks and the deal could value Zoox at less than the $3.2 billion it achieved in a funding round in 2018.

Amazon has stepped up its investment in the car sector, participating in a $530 million funding round early last year in self-driving car startup Aurora Innovation Inc.

Reporting by Vishal Vivek in Bengaluru; Editing by Krishna Chandra Eluri

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