Autonomous vehicle startup Aurora in talks to merge with Reid Hoffman's SPAC -TechCrunch Innovation

Self-driving car startup Aurora is nearing a deal to merge with blank-check firm Reinvent Technology Partners Y , which is backed by Silicon Valley heavyweights Reid Hoffman, Mark Pincus and Michael Thompson, TechCrunch reported on Friday.

The targeted valuation, which had been as high as $20 billion, is now closer to $12 billion, according to the report, citing people familiar with the matter.

The deal is expected to be announced as early as next week, TechCrunch reported.

Aurora and Reinvent Technology Partners Y did not immediately respond to Reuters’ requests for comment.

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