Car-Seller Cazoo Eyes SPAC Deal at $7 Billion Valuation: Sky

Second-hand car seller Cazoo is finalizing the details of a merger with Ajax I, a special purpose acquisition company, that would see it go public with a valuation of about $7 billion, Sky News reported citing people familiar with the matter.

The deal could be announced as soon as Monday, Sky reported, adding that the company expected to raise about $800 million through a private investment in public equity.

Cazoo buys and restores cars before selling them online, delivering directly to customers’ homes, and has generated revenue of more than 200 million pounds since it launched in 2019, a spokesman told Bloomberg in February.

Meanwhile, Cinch, also a second-hand car seller, is in talks to raise about 500 million pounds of new funding, valuing the company at more than 5 billion pounds, Sky reported.

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