SUBSCRIBE

CATEGORIES

Grab agrees world’s biggest SPAC merger, valued at nearly $40 billion

imageStock Markets6 minutes ago (Apr 13, 2021 06:45AM ET)

(C) Reuters. FILE PHOTO: A Grab logo is pictured at the Money 20/20 Asia Fintech Trade Show in Singapore

By Anshuman Daga

SINGAPORE (Reuters) – Southeast Asia’s biggest ride-hailing and food delivery firm Grab Holdings agreed a merger on Tuesday with U.S.-based Altimeter Growth Corp in a deal that values Grab at an initial proforma equity value of about $39.6 billion and will lead to a public listing

The merger, the biggest blank-check company deal ever, underscores the frenzy on Wall Street as shell firms have raised $99 billion in the United States so far this year after a record $83 billion fundraising in 2020.

Singapore-based Grab’s agreement with a special purpose acquisition company backed by Altimeter Capital includes a more than $4 billion private investment in public equity by investors including BlackRock (NYSE:BLK), Fidelity International, Janus Henderson Investors and Temasek Holdings.

Grab said its decision to become a public company was driven by strong financial performance in 2020, despite the pandemic.

Reuters earlier reported that Grab would announce the deal on Tuesday.

Grab agrees world’s biggest SPAC merger, valued at nearly $40 billion

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.