The British automobile data startup Wejo Ltd, backed by General Motors, is in talks to go public with Virtuoso Acquisition, Bloomberg reports, citing people with knowledge of the matter.
Virtuoso is looking to raise new equity to support the transaction with a value of more than $1 billion. A PIPE is said to be crucial to closing the deal.
According to sources, the deal has not closed yet, and the terms may change.
Wejo, a connected-vehicle data specialist, was founded in 2014 and led by Chief Executive Officer Richard Barlow.
Virtuoso raised $230 million in a January IPO. Read more.
