UK Online Car Retailer Cazoo to be Listed on NYSE Through a $7 Billion Merger With Dan Och's SPAC AJAX I (AJAX)

March 29, 2021 8:36 AM EDT

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Cazoo, one of the leading online used car retailers in the United Kingdom, announced this morning it will see its shares become available on NYSE following a $7 billion merger with AJAX I (NYSE: AJAX).

AJAX I is an $805 million special purpose acquisition company (SPAC) company founded by the investor Dan Och in partnership with Glenn Fuhrman. Co-founders of Chipotle, Instagram, Square, and 23andMe are also a part of the team.

“This announcement is another major milestone in our continued drive to transform the way people buy cars across Europe. We have created the most comprehensive and fully integrated offering in the largest retail sector which currently has very low digital penetration. This deal will provide us with almost $1 billion of further funds to fuel our growth and I am delighted to be partnering with Dan and his team at AJAX to rapidly expand and deliver the best car buying experience to consumers across Europe,” said Alex Chesterman OBE, Founder & CEO of Cazoo.

The combined company will be also named Cazoo and will trade under the new ticker symbol “CZOO”.

“We are incredibly excited to have the opportunity to partner with Alex and the exceptional team at Cazoo. Alex has proven to be one of Europe’s most successful serial entrepreneurs and we are proud to be supporting the growth of this world-class team, brand and platform. With their constant focus on innovation, data and customer satisfaction, I have no doubt that Cazoo is going to continue to lead the way in this massive, untapped market opportunity and am looking forward to joining the Board of Cazoo and working with Alex and his team,” Dan Och, Founder of AJAX added.

Cazoo is one of the fastest-growing car retailers in Europe, growing 300%+ year-over-year. The company is expected to exceed $1 billion in annual revenues this year.

Cazoo will get $1.605 billion from this deal, including $805 million raised by AJAX I and $800 million from other sponsors and investors.

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