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Volvo to buy parking valet company Luxe's assets
September 8, 2017 / 2:27 PM / 2 months ago

Volvo to buy parking valet company Luxe's assets

(Reuters) - Geely-owned Volvo Car Group said on Friday it would buy some assets of Luxe, a U.S.-based premium valet and concierge service, to boost the development of its digital services.

FILE PHOTO: A Volvo XC 90 car is seen during an interview with CEO Hakan Samuelsson at the Volvo Cars Showroom in Stockholm, Sweden July 5, 2017. TT News Agency/Jonas Ekstromer/via REUTERS

Luxe’s advanced software, technology platform, key data scientists, app developers and software engineers will join Volvo in the Silicon Valley, the automaker said.

San Francisco-based Luxe provides valet parking through an app.

The deal is also expected to accelerate Volvo's ability to offer services such as pick-up and drop, the automaker said. (bit.ly/2eL4Yym)

Financial details of the transaction were not disclosed.

Car-ride provider Uber Technologies Inc [UBER.UL] was said to be in advanced talks with Luxe to buy some of its assets, according to media reports in June.

Uber did not immediately respond to a request for comment.

Reporting by Arunima Banerjee in Bengaluru; Editing by Savio D'Souza and Shounak Dasgupta

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