Uber is closing in on acquiring Lyft, the ride-hailing company that has been valued at more than $50 billion, according to reports.
The Wall Street Journal reported Wednesday that the two companies will acquire the same company in a deal valued at $3.8 billion.
According to the Journal, the deal could be finalized as early as Friday.
The news comes amid an intensifying regulatory crackdown on ride-sharing companies.
Lyft was founded in 2011 in San Francisco and was purchased by Google for $680 million in 2013.
The company later acquired competitor Sidecar in 2016.