Asian ‘superapp’ Grab to go public in $40 billion SPAC deal

Southeast Asian tech giant Grab plans to go public in the US with a nearly $40 billion valuation in the largest-ever deal with a blank-check company.

Grab — a self-described “superapp” that offers ride-hailing, food delivery and digital payment services — is the latest startup to capitalize on the craze around special purpose acquisition companies, publicly traded shell firms known as SPACs created to merge with existing businesses that take over their stock listings. The deal announced Tuesday will see Singapore-based Grab merge with Altimeter Growth Corp., a SPAC backed by Silicon Valley investment firm Altimeter Capital.