Transaction Positions Wejo to Continue Building the Industry Standard within the Connected Vehicle Ecosystem Wejo uses connected vehicle data to revolutionize the way people live, work and travel
UPDATE 1-Wejo to go public, deal values auto data startup at $800 mln Reuters 1 hr ago
(New throughout, adds confirmation, comments from companies involved)
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By Ben Klayman and Paul Lienert
DETROIT, May 28 (Reuters) - Auto data startup Wejo, backed by General Motors Co, will go public through a reverse merger with blank-check company Virtuoso Acquisition Corp in a deal that values the British company at $800 million including debt, the companies said on Friday.
The deal will raise $330 million in proceeds for Wejo, the companies said. That includes $230 million from Special-Purpose Acquisition Company (SPAC) Virtuoso and another $100 million referred to as Private Investment in Public Equity (PIPE).
Exclusive: Wejo to go public; deal values auto data startup at $800 million - sources
By Ben Klayman and Paul Lienert
Reuters
DETROIT (Reuters) - Auto data startup Wejo on Friday will announce plans to go public through a reverse merger with blank-check company Virtuoso Acquisition Corp in a deal that values the British company at $800 million including debt, people familiar with the plans said.
The deal, to be announced after the stock market closes, will raise $330 million in proceeds for Wejo, said the sources, who asked not to be identified. They said that includes $230 million from Special-Purpose Acquisition Company (SPAC) Virtuoso and another $100 million referred to as Private Investment in Public Equity (PIPE).