Grab to list in US through record $53.2 billion SPAC deal with Altimeter

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SINGAPORE – South-east Asian ride-hailing and food delivery giant 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.

The cash proceeds to Grab include more than US$4 billion from a fully committed private in public equity (PIPE), which was led by Altimeter Capital Management and include Singapore state investor Temasek and leading family groups from Indonesia.

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