Merger AJAX.U

Cazoo to get publicly listed through merger with Ajax I

, SEC

Ajax I (NYSE: AJAX) and Cazoo Holdings Limited, the UK's leading online car retailer with a fast-growing presence in Europe, which makes buying a car as simple and seamless as purchasing any other product online announced a definitive business combination agreement.

The transaction is expected to provide $1,605 million in gross proceeds including $805 million cash in trust from AJAX and an $800 million PIPE led by the AJAX sponsors and D1 Capital Partners and joined by new and existing investors including Altimeter, funds & accounts managed by BlackRock, Counterpoint Global (Morgan Stanley) and Fidelity Management and Research Company LLC, Marcho Partners, Mubadala Capital, Pelham Capital, Senator Investment Group and Spruce House Partnership.

Assuming no redemptions by AJAX shareholders, Cazoo’s existing shareholders will hold approximately 79% of the shares of the combined company on closing.

Assuming no redemptions, transaction will deliver approximately $1 billion in gross cash proceeds to the combined company, enabling Cazoo to further build out its brand and infrastructure and supporting Cazoo’s mission to continue to transform the car buying experience across Europe.

The transaction is expected to close in the third quarter of 2021.

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