Uber rejected a $500 million settlement to Waymo earlier last week

We received reports that Waymo, the self-driving unit of the Google parent Alphabet, proposed that Uber settles it with a whooping sum of $500 million earlier last week but the board of directors or the ride-hailing company turned down the deal and this was confirmed by our sources who were explicitly familiar with the case. On Friday, the two companies settled their lawsuit caused by bitter resentment over stolen secrets self-driving cars. The price tag of which was a much more reasonable $245 million in Uber stock as well as a promise to not utilize Waymo’s trade secrets in any of the autonomous technologies of Uber.

The reports we received from our sources stated that the settlement which was proposed last week would have also included even severer conditions on Uber, most likely related to its research and development on autonomous vehicle hardware. As part of the agreement made between them, Uber cannot include Waymo’s confidential information in the hardware and software produced by its Advanced Technologies Group (ATG).

Another information came from another source saying that Uber came to Waymo last week with a $500 million offer, with no promises regarding hardware or software use in the hopes that it will escape the trial before it starts. Waymo on the other hand, took a firm stand on making provisions to prevent Uber from using any of its self-driving trade secrets. It was from this point that negotiations began and now at last both companies have finally arrived at a conclusion.

This is not the first of Uber’s cash proposal in a bid to continue to win favours from Waymo. The Google spinoff had once before sought at least $1 billiion and a public apology from Uber last year before the trial was to begin. Uber, which was then under the leadership of Travis Kalanick at that time, refused the deal.

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