Cazoo’s $7 Billion Merger With AJAX I

Cazoo's $7 Billion Merger With AJAX I

The Freshfields New York and London offices represented Cazoo on the deal, while Cravath, Swaine & Moore and Slaughter and May advised DMGT. Kirkland & Ellis and Walker Morris advised AJAX I on the deal.

Cazoo announced that it will go public through a merger with billionaire investor Daniel Och’s special purpose acquisition company.

The definitive business combination agreement values the combined company at a pro forma enterprise value of approximately $7.0 billion and a pro forma equity value of approximately $8.1 billion. 

Cazoo, founded just three years ago, is a used car marketplace based in the U.K. The company sells and delivers its cars in Britain and continental Europe. Its competitors range from Auto Trader to Carvana. DMGT owns a 20% stake in Cazoo through its venture capital arm dmg ventures.

The Freshfields team is led by partners Valerie Ford Jacob (Picture) and Sebastian Fain in New York, and partner Natasha Good in London.

The Freshfields New York team also consists of: Jeremy Barr – counsel, Corporate, Elizabeth Bieber – counsel, Corporate, Olaf Ehlers – senior associate, Corporate, Briony Driscoll – associate, Corporate, Max Neumann – associate, Corporate, Mark Tan –  associate, Corporate, Stephen Wilkinson – associate, Corporate, Robert Scarborough – partner, Tax, David Mitchell – senior associate, Tax, Lori Goodman – partner, Employee benefits and executive compensation. The Freshfields London team also consists of: Mark Austin – partner, Corporate, Kate Cooper – partner, Corporate, James Smethurst – partner, Corporate, Piusha Bose – counsel, Corporate, Tom Bloxsome – associate, Corporate, Henry Chau – associate, Corporate, Tochie Israel-Bolarinwa – associate, Corporate, Giles Pratt – partner, Intellectual property, Michael Evans – senior associate, Intellectual property, Peter Clements – partner, Tax, Laura McDaniel – associate, Tax, Alice Greenwell  – partner, Employee benefits and executive compensation, Guy Huffen – associate, Employee benefits and executive compensation, Tom Rhodes – associate, Regulatory. 

The Freshfields team worked closely with Cazoo General Counsel Ned Staple on this transaction.

The Cravath team advising DMGT was led by partners Richard Hall and Keith Hallam, and included associate Charles A. Dobb on M&A matters, partner Nicholas A. Dorsey on capital markets matters, and partner J. Leonard Teti II and associate Leon B. Dalezman on tax matters. Christina M. Drakeford also worked on M&A matters.

Slaughter and May’s team included David Watkins, Partner, Dominic Brown, Associate, Eleanor Mackay, Associate, Harry Lloyd, Trainee, Gareth Miles, Partner, Charles Osborne, Associate.

Kirkland & Ellis advised AJAX I with a team 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. 

The Walker Morris team comprised Laura Cavell, Daniel O’Connell, Richard Naish, Lee Crook, Aaron Dixon, Lorna Hopps, Andrew Rayment, Nicola Parkinson, Luke Riley, Ruth Bamforth, Adam Reed, Jeanette Burgess and Mark Appleby.

Involved fees earner: Leon Dalezman – Cravath Swaine & Moore; Charles Dobb – Cravath Swaine & Moore; Nicholas Dorsey – Cravath Swaine & Moore; Richard Hall – Cravath Swaine & Moore; Keith Hallam – Cravath Swaine & Moore; J. Leonard Teti II – Cravath Swaine & Moore; Mark Austin – Freshfields Bruckhaus Deringer LLP; Jeremy Barr – Freshfields Bruckhaus Deringer LLP; Elizabeth Bieber – Freshfields Bruckhaus Deringer LLP; Tom Bloxsome – Freshfields Bruckhaus Deringer LLP; Piusha Bose – Freshfields Bruckhaus Deringer LLP; Henry Chau – Freshfields Bruckhaus Deringer LLP; Peter Clements – Freshfields Bruckhaus Deringer LLP; Kate Cooper – Freshfields Bruckhaus Deringer LLP; Briony Driscoll – Freshfields Bruckhaus Deringer LLP; Olaf Ehlers – Freshfields Bruckhaus Deringer LLP; Michael Evans – Freshfields Bruckhaus Deringer LLP; Sebastian Fain – Freshfields Bruckhaus Deringer LLP; Valerie Jacob – Freshfields Bruckhaus Deringer LLP; Natasha Good – Freshfields Bruckhaus Deringer LLP; Lori Goodman – Freshfields Bruckhaus Deringer LLP; Alice Greenwell – Freshfields Bruckhaus Deringer LLP; Guy Huffen – Freshfields Bruckhaus Deringer LLP; Tochie Israel-Bolarinwa – Freshfields Bruckhaus Deringer LLP; Laura McDaniel – Freshfields Bruckhaus Deringer LLP; David Mitchell – Freshfields Bruckhaus Deringer LLP; Max Neumann – Freshfields Bruckhaus Deringer LLP; Giles Pratt – Freshfields Bruckhaus Deringer LLP; Tom Rhodes – Freshfields Bruckhaus Deringer LLP; Robert Scarborough – Freshfields Bruckhaus Deringer LLP; James Smethurst – Freshfields Bruckhaus Deringer LLP; Mark Tan – Freshfields Bruckhaus Deringer LLP; Stephen Wilkinson – Freshfields Bruckhaus Deringer LLP; Noah Allen – Kirkland & Ellis; Stuart Boyd – Kirkland & Ellis; Edward Brennan – Kirkland & Ellis; Katherine Bryan – Kirkland & Ellis; Ryan Harris – Kirkland & Ellis; Madison Kavanaugh – Kirkland & Ellis; Sara Lampert – Kirkland & Ellis; Lee Morlock – Kirkland & Ellis; Syed Murshed – Kirkland & Ellis; Cole Parker – Kirkland & Ellis; Dan Simpkin – Kirkland & Ellis; Alan Walker – Kirkland & Ellis; Debbie Yee – Kirkland & Ellis; Dominic Brown – Slaughter and May; Eleanor Mackay – Slaughter and May; Gareth Miles – Slaughter and May; Charles Osborne – Slaughter and May; David Watkins – Slaughter and May; Mark Appleby – Walker Morris solicitor; Ruth Bamforth – Walker Morris solicitor; Jeanette Burgess – Walker Morris solicitor; Laura Cavell – Walker Morris solicitor; Lee Crook – Walker Morris solicitor; Aaron Dixon – Walker Morris solicitor; Lorna Hopps – Walker Morris solicitor; Richard Naish – Walker Morris solicitor; Daniel O’Connell – Walker Morris solicitor; Nicola Parkinson – Walker Morris solicitor; Andrew Rayment – Walker Morris solicitor; Adam Reed – Walker Morris solicitor; Luke Riley – Walker Morris solicitor;

Law Firms: Cravath Swaine & Moore; Freshfields Bruckhaus Deringer LLP; Kirkland & Ellis; Slaughter and May; Walker Morris solicitor;

Clients: AJAX I; Cazoo; Daily Mail and General Trust;

Author: Giulia Di Palma

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