wejo Limited is in talks to go public through a reverse merger with blank-check company Virtuoso Acquisition Corp. (NasdaqCM:VOSO) in a deal that would value the British connected car data start-up at more than $1 billion, two people familiar with the matter said. The deal has not closed and terms could still change, according to the sources, who asked not to be identified.

The sides also have not closed a deal to raise funding from investors to support the deal, the sources said. Officials with Virtuoso and Wejo could not immediately be reached to comment. Bloomberg earlier reported Virtuoso's involvement.

Wejo is being advised by Citigroup and is led by Chief Executive and Founder Richard Barlow.