Connected vehicle data company Wejo and Virtuoso Acquisition today disclosed two financing agreements to support their proposed merger:
- Forward Purchase Agreement. An affiliate of Wejo has entered into a forward purchase agreement for up to $75 million, with funds managed by affiliates of Apollo.
- New PIPE Investment. Virtuoso has also entered into an agreement with Mason Stevens, an Australia-based institution that will make an investment of $3.5 million as part of the PIPE financing, bringing the total financing to $128.5 million. Mason Stevens joins other institutional and strategic PIPE investors, including Microsoft, Palantir Technologies, General Motors, and Sompo.
Virtuoso shareholders are expected to vote on the deal Nov. 16. Announced in May, the $800 million enterprise value for Wejo implies an estimated $1.1 billion pro forma equity value. Read more.
