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Apr 7, 2021 6:49 AM EDT
Ride-hailing company Grab Holdings will go public through a merger with a special purpose acquisition company, or SPAC, that could value the Asia-based ride-hailing giant at more than $35 billion, making it the largest ever blank-check deal.
The Financial Times reported Wednesday that Grab, which also offers food delivery and mobile digital payments services, will raise $2.5 billion in total financing, with nearly $1.2 billion coming via a SPAC owned by tech-focused venture capital firm Altimeter Capital.
Grab could finalize an agreement to list with one of Altimeter Capital’s SPACs as soon as this week, the FT said. Grab has so far raised about $12 billion and has some $5 billion in reserves, according to the FT.
United-kingdomBritishJim-cramerAlec-goresYork-stock-exchangeAltimeter-corpNew-york-stock-exchangeGrab-holdingsFinancial-timesAltimeter-capitalSingapore-based-grabAnthony-tanSoutheast Asian ride-hailing and food delivery giant
Grab Holdings is reportedly holding discussions regarding its plans to go public via a potential merger with a US-based special purpose acquisition company or SPAC. Grab Holdings may be valued at around $53 to $54 billion if these plans materialize, according to Asia One which cited sources familiar with the matter.
If this type of deal does go through, then it could potentially be the biggest-ever blank-check transaction.
The sources also noted on March 12, 2021, that Grab was holding discussions with Silicon Valley’s tech-focused investment company Altimeter Capital Management. Grab may have also held meetings with other SPACs, the sources claim.
SingaporeAlec-goresFinancial-groupSoftbank-group-corpHoldings-corpMitsubishi-ufjReutersAltimeter-growth-corpSoutheast-asianGrab-holdingsAsia-oneSilicon-valley