Qualcomm is set to exit driverless vehicle technology company Cruise Automation, which had raised $18m in financing, in a $1bn acquisition by General Motors.
Automotive manufacturer General Motors agreed on Friday to acquire Cruise Automation, a US-based driverless vehicle technology developer backed by chipmaker Qualcomm.
The size of the deal has not been officially confirmed but Fortune reports it is worth more than $1bn and will be conducted through a combination of cash and stock. The transaction is expected to close in the second quarter of 2016.
Founded in 2013, Cruise Automation is developing technology capable of turning any car into a driverless vehicle.…
