Cazoo to go public in New York via $7 billion SPAC merger

British online used-car retailer Cazoo has agreed to go public in New York through a merger with AJAX I Acquisition Corp, a special purpose acquisition company (SPAC) led by investor Dan Och. The deal values Cazoo at $7 billion, including debt, a significant increase from its $2.6 billion private valuation in October.

The merger is expected to provide Cazoo with up to $1.6 billion in new funding. CEO Alex Chesterman stated the capital will be used to drive the company toward profitability and support expansion into new markets, including Italy and Spain. The move highlights the ongoing shift toward digital vehicle sales.

In a separate strategic move, Cazoo is launching a major brand campaign titled ‘Honestly, Finally’ to address consumer anxiety and lack of trust in the car-buying process. The campaign, which targets the 25-to-34-year-old demographic, will be supported by new platform features rolling out in September to improve transparency and reduce friction in the search process.