March 28, 2016 / 3:23 PM / 3 years ago

U.S. gives antitrust approval to GM's purchase of Cruise Automation

The GM logo is seen at the General Motors Lansing Grand River Assembly Plant in Lansing, Michigan October 26, 2015. Photo taken October 26. REUTERS/Rebecca Cook

(Reuters) - General Motors Co has won U.S. antitrust approval for the purchase of Silicon Valley startup Cruise Automation Inc, the Federal Trade Commission said on Monday.

The transaction was on the list of deals that the FTC and Justice Department granted “early termination,” essentially quick antitrust approval.

The Detroit automaker hasn’t disclosed the purchase price, but the deal has been reported to be worth more than $1 billion in cash and stock.

GM said earlier this month it was acquiring “Cruise’s deep software talent and rapid development capability to further accelerate GM’s development of autonomous vehicle technology.”

Reporting by David Shepardson; Editing by Bernadette Baum

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