Cazoo Limited announced that it has entered into subscription agreements to issue 80,000,000 class A shares at a price of $10 per share for gross proceeds of $800,000,000 to lead new investor, Ajax I Holdings, LLC for $200,000,000 and returning investor, D1 Capital Partners L.P. on March 28, 2021. The transaction also included participation from a mix of previous and new investors, including returning investors, funds & accounts managed by BlackRock, Inc. (NYSE:BLK), Fidelity Management & Research Company LLC, Mubadala Capital, Spruce House Investment Management LLC, and Marcho Partners LLP, Pelham Capital Management, LLP, Senator Investment Group LP, Morgan Stanley Institutional Fund, Inc. - Counterpoint Global Portfolio (MutualFund:GLCI.X), a fund managed by Morgan Stanley Institutional Fund, Inc. - Counterpoint Global Portfolio (MutualFund:GLCI.X), and Altimeter Capital Management, LP. The transaction has been approved by the boards of company and Ajax I (NYSE:AJAX).

Dan Och of Ajax I Holdings, LLC will be joining company's board of directors. The transaction requires the approval of the shareholders of the company and Ajax I (NYSE:AJAX), other customary closing conditions, including the receipt of certain regulatory approvals. Ajax I Holdings, LLC is represented by leas Dan Och, and Glenn Fuhrman, Steve Ells, Jim McKelvey, Kevin Systrom and Anne Wojcicki.

The transaction is expected to close in the third quarter of 2021.