NEW YORK (TheStreet) -- General Motors Co. (GM) - Get Report shares are rising 0.71% to $31.18 on Monday after the U.S.-based automaker received approval from the Federal Trade Commission (FTC) to buy Cruise Automation, a Silicon Valley-based developer of autonomous vehicle technology, Reuters reports.
The purchase price was not disclosed by GM, however the deal is reportedly worth over $1 billion in cash and stock.
This acquisition, announced early March, will help GM with its automation goals, as Cruise will focus on creating software that will be integrated into GM vehicles.
It will also "significantly accelerate the timeline for bringing autonomous vehicles to market," GM President Dan Ammann told Re/code.net.
Overall, there's fierce competition in the driverless-car market among companies including Alphabet's Google (GOOGL), Toyota Motor Corp. (TM) and Tesla Motors (TSLA) all looking to usher in a self-driving car revolution, the Wall Street Journal said.
Separately, TheStreet Ratings currently has a "Buy" rating on the stock with a letter grade of B-.
The company's strengths can be seen in multiple areas, such as its compelling growth in net income, revenue growth, notable return on equity, attractive valuation levels and impressive record of earnings per share growth. We feel its strengths outweigh the fact that the company has had generally high debt management risk by most measures that we evaluated.
Recently, TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this articles' author.
You can view the full analysis from the report here: GM