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Doris Yu · · 1 min readSources: Grab to merge with US blank-check firm Altimeter at $40b valuation
“Southeast Asia’s largest ride-hailing and food delivery firm Grab Holdings is set to announce as early as Tuesday a merger with US-based Altimeter that will value Grab at nearly US$40 billion and lead to a public listing,” reported Reuters, citing three sources.
Details:
- The deal includes a US$4 billion private investment in public equity from investors such as Fidelity International and Janus Henderson, sources said.
- The merger would become the biggest blank-check company deal ever.
Context:
- Grab hasn’t turned profitable, but it claims its net revenue increased by 70% last year and expects that its food delivery unit will break even by the end of 2021.
- The development comes shortly after its archrival Gojek was reportedly nearing a merger with ecommerce business Tokopedia.
Editing by Collin Furtado and Jaclyn Tiu
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