Hyperdrive
Cazoo Agrees $7 Billion SPAC Deal With Och in Blow to London
- Deal raises $1.6 billion for BlackRock-backed company
- Used-car platform will list in U.S. after Ajax I deal closes
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Cazoo Ltd. will list in New York after selling itself to hedge-fund founder Dan Och’s blank-check company in a deal valued at $7 billion, turning its back on a potential initial public offering in London.
The combination with special-purpose acquisition company Ajax I will raise about $1.6 billion in proceeds for the company, including $805 million in a cash trust from the SPAC and another $800 million from Ajax’s sponsors, Cazoo said in a statement on Monday. London-based Cazoo will be listed in New York after the deal closes, and Och said he plans to join the company’s board.