Self-driving vehicle start-up Aurora to go public in $11-bn Spac merger

Driverless technology startup Aurora Innovation Inc. has agreed to go public via a merger with Reinvent Technology Partners Y, a blank-check firm led by executives including LinkedIn co-founder Reid Hoffman and Zynga Inc. founder Mark Pincus.

The deal represents an equity value of $11 billion for Aurora, and the combined company will be valued at $13 billion, according to a statement Thursday. The company is expected to have about $2.5 billion of cash at closing.

The transaction includes a $1 billion private investment in public equity from investors including Baillie Gifford and T. Rowe Price Associates Inc., as well as strategic investments