U.K. online car retailer Cazoo Holdings said it’s agreed to be bought by special purpose acquisition company AJAX I AJAX, +0.59% in what said was an enterprise value of $7 billion. Terms call for up to $805 million in cash, and an $800 million fully committed PIPE at $10 per share with 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. Dan Och, the founder of AJAX, will join Cazoo’s board, which will continue to be led by Founder and CEO Alex Chesterman. Cazoo, which will trade on the New York Stock Exchange with a ticker of CZOO, expects to achieve revenues approaching $1 billion in 2021.
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