Freshfields, Simpson Drive $827M CarLotz SPAC Merger

Law360 (October 22, 2020, 1:43 PM EDT) -- Freshfields-advised CarLotz, a private equity-backed used vehicle retailer, has agreed to merge with Simpson Thacher-counseled blank-check company Acamar Partners Acquisition Corp. in a deal that values CarLotz at about $827 million, the companies said Thursday. 

The transaction will result in a single entity called CarLotz Inc. that will have an enterprise value of roughly $827 million and will trade on the Nasdaq under the ticker symbol "Lotz," according to a statement. 

Richmond, Virginia-based CarLotz boasts being one of the world's largest privately held used vehicle "retail disruptors," with a consignment-to-retail sales platform it says is novel in the industry. CarLotz provides...

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