Cazoo Holdings and AJAX I today announced the signing of a definitive business combination agreement.
Upon closing of the transaction, the combined company will be named Cazoo and will list on the NYSE under CZOO.
Cazoo’s online car buying platform in Europe has delivered over 20,000 cars to consumers across the UK since the company’s founding in 2018. Following recent acquisitions, Cazoo is now Europe’s leading car subscription player with over 6,000 subscribers across the UK, Germany and France.
AJAX is a SPAC founded by investor Dan Och in partnership with Glenn Fuhrman and a team of strategic advisors including the founders of Chipotle, Instagram, Square and 23andMe.
The transaction values the combined company at a pro forma enterprise value of approximately $7 billion and a pro forma equity value of approximately $8.1 billion. The transaction includes up to $805 million AJAX cash in trust, assuming no redemptions by AJAX shareholders, and an $800 million fully committed PIPE at $10 per share led by the AJAX sponsors, D1 Capital Partners and joined by new and existing investors including Altimeter, funds & accounts managed by BlackRock, Counterpoint Global (Morgan Stanley) and Fidelity Management and Research Company,, Marcho Partners, Mubadala Capital, Pelham Capital, Senator Investment Group and Spruce House Partnership. The AJAX sponsor team led by Och has personally committed $200 million to the PIPE.
The deal is expected to close in the third quarter, pending shareholder approval. Read more.
