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Grab strikes US$40 billion deal to go public in biggest ever blank-cheque merger

SINGAPORE: Grab Holdings on Tuesday (Apr 13) confirmed its US$40 billion merger with a publicly-listed shell company backed by Altimeter Capital, marking the biggest ever deal with a blank cheque firm.

The combined company expects its securities will be traded on NASDAQ under the symbol “GRAB” in the coming months, said the company in a press release.

This is expected to be the largest-ever US equity offering by a Southeast Asian company, said the release.

“It gives us immense pride to represent Southeast Asia in the global public markets. This is a milestone in our journey to open up access for everyone to benefit from the digital economy,” said Grab’s group CEO and co-founder Mr Anthony Tan.

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He said the move was even more critical as the region recovers from COVID-19.

“Our diversified superapp strategy helped our driver-partners pivot to deliveries, and enabled us to deliver growth while improving profitability.

“As we become a publicly-traded company, we’ll work even harder to create economic empowerment for our communities, because when Southeast Asia succeeds, Grab succeeds,” said Mr Tan.

With operations in eight countries and 398 cities, Grab is already Southeast Asia’s most valuable start-up.

Leveraging its ride-hailing business started in 2012, the firm has expanded into offering food and grocery deliveries, courier services, digital payments, and is now making a big push into insurance and lending in a region of 650 million people.

Grab strikes US$40 billion deal to go public in biggest ever blank-cheque merger Source link Grab strikes US$40 billion deal to go public in biggest ever blank-cheque merger

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