Connected Car
Wejo is in talks to go public through a reverse merger with blank-check company Virtuoso Acquisition Corp (VOSO.O) 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, which is backed by General Motors Co(GM.N), could not immediately be reached to comment. On Feb. 1, Wejo's Israeli rival Otonomo said it would go public in a SPAC merger with Software Acquisition Group Inc II (SAII.O).