Uber Technologies Inc [UBER.UL] will pay $245 million worth of its own shares to Alphabet Inc's Waymo self-driving vehicle unit to settle a legal dispute over trade secrets, allowing Uber's new chief executive to move past one of the company's most bruising public controversies.
The settlement announcement on Friday was made just before the fifth day of testimony was about to begin at a jury trial in San Francisco federal court.
Waymo sued Uber last year, claiming one of its former engineers who became chief of Uber’s self-driving car project took with him thousands of confidential documents. Uber fired the engineer after Waymo sued.
The two companies are battling for supremacy in one of the most lucrative races in Silicon Valley - to create fleets of self-driving cars.
The settlement allows Uber CEO Dara Khosrowshahi to put another scandal behind the company and move ahead with development of self-driving technology after the tumultuous leadership of the firm by former CEO Travis Kalanick, who testified at the trial on Tuesday and Wednesday.