Used car online start-up Cazoo has announced that it will begin trading on the New York Stock exchange under the symbol ‘CZOO’.
The firm has completed its business combination with Ajax, a company that exists to acquire other special-purpose companies.
Under the terms of the business combination agreement, Ajax and Cazoo have now combined under a new holding company, Cazoo Group, which will receive proceeds of over $1 billion before expenses from the transaction to further build out its brand and infrastructure as it continues to transform the car buying and selling experience across the UK and mainland Europe.
Cazoo will continue to be led by Founder & Chief Executive Officer, Alex Chesterman, along with the existing senior management team.
“We remain obsessed with delivering the best car buying and selling experience for consumers across the UK and mainland Europe and the capital raised from this transaction will give us the resources to further accelerate our growth” said Chesterman.