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Grab to go public in US through S$53.2 billion deal with Altimeter in world’s biggest SPAC merger, Companies & Markets News & Top Stories

SINGAPORE – South-east Asian ride-hailing and food delivery giant Grab Holdings is intending to go public in the United States through a merger with US-based Altimeter Growth Corp, it announced on Tuesday (April 13).

Its partnership is expected to be the largest-ever US equity offering by a South-east Asian company, with the proposed transaction valuing Grab at an initial pro-forma equity value of around US$39.6 billion (S$53.2 billion).

The merger is expected to provide up to US$4.5 billion in cash proceeds to Grab, the Singapore-headquartered company added in a press statement.

The combined firm expects its securities to be traded on the tech-rich Nasdaq Composite Index in the coming months.

Grab group CEO and co-founder Anthony Tan said: “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. This is even more critical as our region recovers from Covid-19.”

Grab’s formal announcement on Tuesday comes after recent media reports that it was in talks with Altimeter on a special purpose acquisition company (Spac) merger to list in the US, with Singapore state investor Temasek among reported backers of the blank-cheque company.

The cash proceeds to Grab include more than US$4 billion from a fully committed private investment in public equity (PIPE), which Reuters sources said come from a group of Asian and global investors, including Fidelity International and Janus Henderson.



Grab to go public in US through S$53.2 billion deal with Altimeter in world’s biggest SPAC merger, Companies & Markets News & Top Stories Source link Grab to go public in US through S$53.2 billion deal with Altimeter in world’s biggest SPAC merger, Companies & Markets News & Top Stories

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