BusinessGrab to unveil worldâs biggest SPAC merger, valued at nearly $40 bln - sources
Anshuman DagaAradhana Aravindan
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A Grab logo is pictured at the Money 20/20 Asia Fintech Trade Show in Singapore March 21, 2019. Picture taken March 21, 2019. REUTERS/Anshuman Daga/File Photo
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Grab Holdings, the largest ride-hailing and food delivery firm in Southeast Asia, clinched a merger on Tuesday with special-purpose acquisition company Altimeter Growth Corp (AGC.O) securing a valuation of nearly $40 billion and paving the way for a coveted U.S. 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 in 2020.
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Grab sets $52 billion IPO target in huge SPAC deal
Apr 14, 2021 â 11.02am
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Singapore | Grab was previously best known as the company that triumphed over Uber in south-east Asia. Now it has another claim to fame after clinching the biggest-ever merger with a special purpose acquisition company (SPAC), a shortcut to a Nasdaq listing.
Grab expects its shares will be publicly traded âwithin monthsâ after agreeing to merge with Altimeter Capital Management. In a statement released late on Tuesday, Singapore-based Grab said the initial public offering (IPO) will value the company at some $US39.6 billion ($52 billion).
Setting new records: A Grab driver in Jakarta.Â