Cazoo went public via a SPAC merger with AJAX I in a $7bn deal.

Cazoo, an online car retailer, went public via a SPAC merger with AJAX I, a SPAC, in a $7bn deal. The transaction included up to $805m of AJAX cash in trust and an $800m PIPE led by the AJAX sponsors and D1 Capital Partners and joined by new and existing investors including Altimeter, BlackRock, Morgan Stanley and Fidelity, Marcho Partners, Mubadala Capital, Pelham Capital, Senator Investment Group and Spruce House Partnership. The AJAX sponsor team, led by Dan Och, and including Glenn Fuhrman, Steve Ells, Jim McKelvey, Kevin Systrom and Anne Wojcicki have personally committed $200m to the PIPE. Cazoo’s existing shareholders hold c. 79% of the shares of the combined company on closing. “We remain obsessed with delivering the best car buying and selling experience for consumers across the UK and mainland Europe and the capital raised from this transaction will give us the resources to further accelerate our growth. Our world-class team has been further strengthened by our combination with AJAX and we could not be more pleased to partner with Dan and his team. The opportunities ahead of us are enormous and I am very excited about our next chapter and expect this combination to further drive our tremendous growth," Alex Chesterman OBE, Cazoo Founder & CEO.