Connected vehicle data, company Wejo and Virtuoso Acquisition announced that they have entered into a definitive meerger agreement.
The $800 million enterprise value for Wejo implies an estimated $1.1 billion pro forma equity value.
The transaction is expected to deliver approximately $330 million of gross proceeds, composed of Virtuoso’s $230 million cash held in trust, assuming no redemptions, and a fully committed $100 million PIPE priced at $10 per share with participation from Palantir Technologies and General Motors. Additional strategic investors have expressed interest in participating in the PIPE for up to an incremental $25 million within the next 30 days and are in continuing negotiations with the parties.
Moelis & Company is acting as lead placement agent on the PIPE. Cohen & Company Capital Markets and The Growth Stage also acted as placement agents on the PIPE. BTIG and Moelis were joint bookrunners on Virtuoso’s IPO in January, and are acting as joint capital markets advisors to the SPAC.
Wejo’s existing shareholders are rolling 100 percent of their existing equity into the combined company and will own approximately 64 percent of the issued and outstanding shares immediately following closing of the business combination, assuming no redemptions by Virtuoso’s stockholders.
Based in Manchester, Wejo stands for “We journey.” The company collects and sorts data from nearly 11 million vehicles connected to the Internet through embedded modems for manufacturers including GM, Daimler and Hyundai. Vehicle makers use the data to develop apps and services, including insurance, remote diagnostics, roadside assistance, parking availability and traffic information. Read more.
