SAN FRANCISCO -- Five days into the landmark lawsuit brought by Waymo against Uber, the two companies said they have reached a settlement.
The settlement calls for Uber to pay Waymo $244.8 million in the form of stock -- or 0.34 percent of Uber's $72 billion valuation.
"We are committed to working with Uber to make sure that each company develops its own technology," a Waymo spokesman said in a statement. "This includes an agreement to ensure that any Waymo confidential information is not being incorporated in Uber Advanced Technologies Group hardware and software."
Before the trial resumed here Friday morning, Charles Verhoeven, an attorney at Quinn Emanuel Urquhart and Sullivan representing Waymo, said the self-driving company has agreed on a settlement with the ride-hailing firm in its lawsuit claiming it had stolen autonomous vehicle trade secrets.
"To be clear, while we do not believe that any trade secrets made their way from Waymo to Uber, nor do we believe that Uber has used any of Waymo's proprietary information in its self-driving technology, we are taking steps with Waymo to ensure our lidar and software represents just our good work," Uber CEO Dara Khosrowshahi said in a statement.
Waymo announced its lawsuit against Uber on Feb. 23, 2017, claiming Uber had used designs stolen by former Google engineer Anthony Levandowski, whose startup, Otto, had been acquired by Uber in August 2016. In the year that proceeded, both companies asserted claims of competitive, and in some cases, illegal practices.
The settlement allows Khosrowshahi to put another scandal behind the company after the tumultuous leadership of the firm by former CEO Travis Kalanick, who testified at the trial on Tuesday and Wednesday.
Waymo had previously estimated damages in the case at about $1.9 billion, which Uber rejected.
Waymo first proposed a settlement agreement worth $500 million in equity on Tuesday, but the deal was rejected by Uber’s board, Reuters reported.
Levandowski and Otto co-founder Lior Ron are still subject to separate arbitration discussions with Waymo, and Levandowski is currently under a federal probe for criminal acts.
Reuters contributed to this report.
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