GM Gets Antitrust Okay to Buy Cruise Automation

March 28, 2016 at 1:15 PM

General Motors Co. has won approval from the U.S. Federal Trade Commission to acquire San Francisco startup Cruise Automation Inc.

GM has not disclosed terms of the sale. But media reports say the deal is worth more than $1 billion in cash and stock.

Cruise Automation is a three-year-old company that is developing technology to enable self-driving cars. GM plans to merge the tiny company into its new Michigan-based Autonomous Vehicle Development Team.

The team is led by Doug Parks, vice president of autonomous technology and vehicle execution.