Toyota to acquire Lyft's self-driving car unit

2021-04-27 02:46:06

Japanese automotive manufacturer Toyota Motor Corp. will acquire the self-driving division of Lyft Inc (LYFT: NASDAQ), the second-largest ridesharing company in the United States, the company announced Monday.

Under the agreement, Lyft's self-driving division will be merged into Woven Planet Holdings, a subsidiary of Toyota.

In the acquisition, Toyota will pay Lyft $550 million in cash, $200 million upfront, and the remaining $350 million over five years. The transaction is expected to close in the third quarter of 2021.

US company Japanese Company acquisition agreement Toyota

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