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Grab to announce merger with US SPAC, to be valued at nearly $40 billion: Report

The merger will make it the biggest blank-check company deal ever.

April 13, 2021 / 11:28 AM IST
Source: Reuters

Source: Reuters

Southeast Asia's largest ride-hailing and food delivery firm Grab Holdings is set to announce later on Tuesday a merger with US-based Altimeter that is set to value Grab at nearly $40 billion and lead to a public listing, three people told Reuters.

The merger will make it the biggest blank-check company deal ever.

Grab's agreement with a special purpose acquisition company (SPAC) backed by Altimeter Capital includes a $4 billion private investment in public equity (PIPE) from a group of Asian and global investors including Fidelity International and Janus Henderson.

Singapore-based Grab declined to comment. There was no response from Silicon Valley-based Altimeter to an emailed request for comment.

The two fund managers also did not respond to an emailed query.

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The sources declined to be identified due to the sensitivity of the matter. The nearly $40 billion valuation is based on a proforma equity value, two of the sources said.
Reuters
first published: Apr 13, 2021 11:15 am

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