Ajax I filed an F-4 registration for its proposed merger with Cazoo, a UK-based online car retailer. The combined company would have an enterprise value of $7 billion.
AJAX currently anticipates holding a shareholder vote in the third quarter.
Assuming no redemptions and after accounting for cash proceeds payable to the existing Cazoo shareholders, the transaction will deliver approximately $1 billion in gross cash proceeds to the combined company.
Pending SEC review of the S-4 and shareholder approval, upon closing Cazoo is expected to list on the NYSE under CZOO.
The transaction includes an $800 million fully committed PIPE at $10 per share led by the AJAX sponsor team and D1 Capital Partners, and joined by 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 has committed $200 million to the PIPE. Read more.
