Grab agrees world's biggest SPAC merger, valued at nearly $40 billion

Anshuman Daga, Reuters

Posted at Apr 13 2021 06:59 PM

SINGAPORE - Southeast Asia's biggest ride-hailing and food delivery firm Grab Holdings agreed a merger on Tuesday with US-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, 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. 

FROM THE ARCHIVES

Watch more on iWantTFC