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

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