GM-Backed Wejo Is in SPAC Merger Talks With Virtuoso

Wejo Ltd., the British automotive-data startup backed by General Motors Co., is in talks to go public through a merger with Virtuoso Acquisition Corp., a blank-check firm, people with knowledge of the matter said.

Virtuoso is seeking to raise new equity to support a transaction with a combined enterprise value of more than $1 billion, according to one of the people, who asked not to be identified discussing private negotiations. Terms could change and, as with all transactions that aren’t yet finalized, it’s possible the talks could collapse.