Uber Sells Aerial Unit, Increases Stake in Buyer
For the second time in the last few days, Uber Technologies (NYSE: UBER) has divested one of its skunkworks. The rideshare company has signed a deal with early-stage company Joby Aviation to sell Uber Elevate, a business unit tasked with exploring and developing aerial technologies, such as air taxis and delivery drones.
The price of the sale was not disclosed. As part of the deal, Uber will invest an additional $75 million in Joby on top of a $50 million investment it made in January. The latter arrangement was not previously disclosed. Joby's total funding now stands at $820 million, and its investors include automaker Toyota, which has pumped $394 million into the still privately held company.
Image source: Uber Technologies.
Source Fool.com
