Following a week of drama, Alphabet's Waymo and Uber reached a settlement and their trial is being dismissed, according to Judge William Alsup.

Uber will pay Waymo a 0.34 percent equity stake amounting to about $245 million at Uber's recent $72 billion valuation, the companies said on Friday.

Uber has also agreed not to incorporate Waymo's confidential information into its hardware and software.

"We have reached an agreement with Uber that we believe will protect Waymo's intellectual property now and into the future," Waymo said in a statement. "We are committed to working with Uber to make sure that each company develops its own technology. This includes an agreement to ensure that any Waymo confidential information is not being incorporated in Uber Advanced Technologies Group hardware and software. We have always believed competition should be fueled by innovation in the labs and on the roads and we look forward to bringing fully self-driving cars to the world."

"To our employees, in particular the great and talented people of Uber's Advanced Technologies Group: I am inspired by your passion and commitment to bringing self-driving vehicles to life. Over the last year, you've been distracted from your mission. For that I am sorry," said Uber CEO Dara Khosrowshahi.

Khosrowshahi also siad that he saw Alphabet as a valuable partner and hope to end the distracting case for the sake of his own engineers.

Waymo accused Uber of using at least one Waymo trade secret in its self-driving cars. Waymo said that when Uber acquired a start-up from a star Google engineer, Anthony Levandowski, Levandowski brought some 14,000 Google files with him. Uber has argued its self-driving sensor designs are unique and that Levandowski's actions were unrelated to his work at Uber.