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Paul, Weiss Advises D1 Capital on PIPE Investment in Cazoo’s $7 Billion SPAC Merger
- Client News
- March 29, 2021
Paul, Weiss is advising D1 Capital Partners in connection with its original investment and new PIPE investment in the $7 billion business combination of Cazoo Holdings Limited, the U.K.’s leading online car retailer, and the special purpose acquisition company (SPAC) AJAX I. The transaction expected to close in the third quarter of 2021, includes up to $805 million AJAX cash in trust and an $800 million fully committed PIPE (private investment in public equity) at $10.00 per share led by the AJAX sponsors and D1 Capital Partners and joined by new and existing investors. The combined company will be named Cazoo and will be listed on the New York Stock Exchange under the new ticker symbol “CZOO” upon closing.
The Paul, Weiss team includes corporate partners Ted Ackerman, David Lakhdhir and Raphael Russo and tax partner David Mayo.