Kirkland & Ellis advised AJAX I (NYSE: AJAX), a publicly-traded special purpose acquisition company (“SPAC”), on its business combination agreement with Cazoo Holdings Limited, the UK’s leading online car retailer with a fast-growing presence in Europe. The transaction values the combined company at a pro forma enterprise value of approximately $7 billion. The transaction includes up to $805 million AJAX cash in trust, assuming no redemptions by AJAX shareholders, and an $800 million fully committed PIPE at $10.00 per share led by the AJAX sponsors and D1 Capital Partners and joined by new and existing 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. AJAX is a $805m SPAC, founded by renowned US investor Dan Och in partnership with Glenn Fuhrman and a team of strategic advisors including the founders of Chipotle, Instagram, Square and 23andMe. Upon closing of the transaction, the combined company will be named Cazoo and will be listed on the New York Stock Exchange under the new ticker symbol “CZOO”. The transaction is expected to close in the third quarter of 2021 and is subject to customary closing conditions.
Read the transaction press release
The Kirkland team was led by corporate partner Cole Parker. The team also included corporate partners Ryan Harris, Debbie Yee, Stuart Boyd and Katherine Bryan and associates Noah Allen, Syed Murshed, Madison Kavanaugh, Edward Brennan, Sara Lampert and Dan Simpkin, and tax partners Lee Morlock and Alan Walker.