Autos

British used car dealer Cazoo is going public in the US via SPAC

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Cazoo founder and CEO Alex Chesterman.

Cazoo

LONDON — Cazoo announced Monday that it will go public through a merger with billionaire investor Daniel Och’s special purpose acquisition company.

Cazoo, founded just three years ago, is a used car marketplace based in the U.K. The company sells and delivers its cars in Britain and continental Europe. Its competitors range from Auto Trader to Carvana.

The company said it would combine with AJAX I, a U.S. blank-check firm founded by Och, in a deal valuing the business at $7 billion. Founder Alex Chesterman will stay on as Cazoo’s CEO following the SPAC merger, while Och is joining the firm’s board.

“This announcement is another major milestone in…



Source cnbc.com

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