Cazoo Exits German Market; Divests German Subscription Business For Undisclosed Sum

by Shivani Kumaresan, Benzinga Staff Writer

February 17, 2023 1:25 PM | 1 min read | Make a Comment

Cazoo Group Ltd CZOO has agreed to sell its German subscription business, Cluno GmbH, to ViveLaCar GmbH and The Platform Group GmbH & Co KG. The financial terms of the transaction were not disclosed.
The total portfolio includes several thousand cars in the German market.
The disposal concludes Cazoo's withdrawal from the German market as part of its strategy to focus exclusively on the U.K. market.
The agreement includes 100% of the capital and voting rights of the company Cluno GmbH and the Cluno brand, along with the associated assets.
All employees of Cluno will transfer to ViveLaCar GmbH as part of the agreement.
Price Action: CZOO shares are trading higher by 8.49% at $2.94 on the last check Friday.

Posted In: M&A News Penny Stocks General Briefs Eurasia

Benzinga simplifies the market for smarter investing

Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.