Slaughter and May is advising Daily Mail and General Trust plc and its wholly-owned subsidiary, dmg ventures, on the business combination between Cazoo, an online car retailer in which dmg ventures holds a c.20% stake, and AJAX 1, a special purpose acquisition company (“SPAC”). Upon closing, the combined company will be listed on the NYSE.
The transaction values the combined company at a pro forma enterprise value of approximately US$7.0 billion. If the proposed transaction closes, and assuming no redemptions by SPAC shareholders, the combined value in cash proceeds and shares in the combined company that dmg ventures will receive is expected to be approximately US$1.35 billion. The transaction is expected to close in the third quarter of calendar year 2021.
Slaughter and May is working as an integrated team with Cravath, Swaine & Moore LLP.