Driverless technology startuphas agreed to go public via a , a blank-check firm led by executives including LinkedIn co-founder Reid Hoffman and Zynga Inc. founder Mark Pincus, people with knowledge of the matter said.
The transaction’s valuation couldn’t immediately be learned.that and the Reinvent SPAC were in talks for a deal close to $12 billion. An agreement is set to be announced as soon as Thursday, the people with knowledge of the matter said.
Representatives for Aurora and Reinvent declined to comment.
Aurora is led by Chief Executive Officer Chris Urmson, and Hoffman is a board member. In March, the Silicon Valley-based startup. Paccar Inc. joined with Aurora in January for a similar development deal. Aurora has said its investors include Amazon.com, Motor Co. and Motors Corp.
Aurora’s technology relies on, which uses lasers to build a three-dimensional image of the surrounding landscape and help plot routes around obstacles in the road. It uses a technology that is designed to allow vehicles to “see” farther and faster and is critical at highway speeds.
Reinvent Technology Partners Y raised $978 million in a March initial public offering. Earlier Reinvent SPACs have separately agreed to merge with flying taxi startup Joby Aviation andtechnology platform Hippo.