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Doris Yu · · 1 min readSources: Grab to list in New York via merger with Altimeter Capital SPAC unit
“Grab, Southeast Asia’s most valuable startup, is set for the largest merger between a private business and a blank cheque company in a deal that will value the SoftBank-backed technology group at about US$35 billion,” reported Financial Times.
Details:
- Grab could finalize the agreement to go public via merging with one of Altimeter Capital’s SPACs as soon as this week, sources said. Its founder Anthony Tan will hold 2% of the shares of the listed company, according to two people privy to the matter.
- The Singapore-based firm will raise around US$2.5 billion in a private investment in public equity (PIPE), with nearly US$1.2 billion coming from the Silicon Valley-based investment firm Altimeter.
Context:
- The super app claims its revenue grew by 70% in 2020 compared to the year before, and its ride-hailing business is breaking even in all of its operating markets.
- According to the report, Grab has raised US$12 billion to date and has roughly US$5 billion in cash reserves, pegging its private valuation at over US$16 billion.
Editing by Miguel Cordon and September Grace Mahino
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