Toyota subsidiary Woven Planet and ride sharing company Lyft have signed a $550 million acquisition deal that will see the former purchase the latter’s autonomous vehicle division, Level 5.
Under the deal, Level 5 will be folded into Woven Planet, ending Lyft’s efforts to build its own self-driving systems after launching it in 2017.
Lyft will receive approximately $550 million in cash for the transaction, with $200 million to be paid upfront. The remaining $350 million will be paid over five years.
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