UNITED NEWS INTERNATIONAL (UNI) — Ride-hailing company Uber has agreed to pay Google spinoff Waymo $245 million.
The settlement was revealed Feb. 9 in a San Francisco courtroom, four days into a federal trial over allegedly stolen trade secrets.
Uber CEO Dara Khosrowshahi began a subsequent statement by saying, “I want to express regret for the actions that have caused me to write this letter.”
He went on to say he doesn’t believe Uber has used any of Waymo’s proprietary information in its own self-driving technology.
Nonetheless, Khosrowshahi pledged that, going forward, the race to a self-driving future will be a fair one.
The high-tech dustup stems from an ex-Google engineer who allegedly took trade secrets to Uber to develop self-driving vehicles.
The $245 million settlement, meanwhile, is an all stock transaction, which means Waymo’s parent company, Alphabet Inc., now has an even bigger stake in Uber.
Waymo originally wanted $1 billion.