US vehicle manufacturing company General Motors (GM) has received regulatory approval for the acquisition of San Francisco-based start-up Cruise Automation.

The US Federal Trade Commission (FTC) and the Justice Department have granted ‘early termination’ or quick anti-trust approval to the Detroit-based car maker, reported Reuters.

The three-year-old Silicon Valley start-up has developed a highway autopilot product, which could facilitate GM’s ambition for a completely autonomous car, reported Detroit Free Press.

"GM’s commitment to autonomous vehicles is inspiring, deliberate and completely in line with our vision to make transportation safer and more accessible."

With a press of a button, the new technology enables drivers to transfer the control of steering, accelerator and brakes to autonomous mode.

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According media reports, the acquisition of the three-year-old company is valued at more than $1bn in a combination of cash and stock, though General Motors has not disclosed the purchase price.

The two companies expect to complete the transaction by the end of June.

Cruise Automation founder Kyle Vogt was quoted by City A.M. as saying: "GM’s commitment to autonomous vehicles is inspiring, deliberate and completely in line with our vision to make transportation safer and more accessible."

Under the terms of the deal, Cruise Automation will remain based in San Francisco, while operating independently within GM’s recently formed autonomous vehicle development team led by autonomous technology vice-president Doug Parks.

Earlier this month, GM had announced its intention to acquire Cruise Automation.