Auto data developer 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 told Reuters.
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).
