British online car retailer Cazoo is the latest company to announce a listing on the New York Stock Exchange by merging with billionaire Dan Och’s special acquisition company Ajax I.

The deal would value the online-based new and used car dealership at $7bn, including debt, the company said in a 29 March statement. The merger will also provide Cazoo, which was founded in 2018, with up to $1.6bn in new funding.