DETROIT -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.
VinFast – the vehicle arm of Vietnam’s biggest conglomerate Vingroup – may have to delay its initial public offering (IPO) in the US due to heightening scrutiny over US regulations.
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).