Cazoo float gives Daily Mail a lift | Business

Daily Mail shares rose this morning after confirmation that Cazoo, the online used-car retailer in which it has a 20 per cent stake, is to float in New York.

Cazoo is to go public via a Spac deal that will value the business at just over £5 billion ($7 billion). After all the adjustments have been made, the initial public offering will value Daily Mail’s stake at about £1 billion — more than double what City analysts had previously ascribed to the investment and significantly more than the £117 million that Daily Mail originally paid.

With investors factoring in the extra contribution from Cazoo into their calculations, Daily Mail shares gained 78p, or 9.1 per cent, higher to 933p, their highest in six weeks.

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