Woven Planet Holdings has agreed to acquire Level 5, the self-driving vehicle division of Lyft (NASDAQ: LYFT). Woven will pay $550 million in total cash for the division, founded in 2016 at Open Platform. The sale price includes $200 million in upfront cash and $350 million in additional cash payments over five years.
The acquisition is subject to regulatory approvals and customary closing conditions. It is expected to close in Q3 2021.
Woven Planet Holdings is a subsidiary of Toyota Motor Corp.
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