Singapore’s Grab agrees to record $40bn SPAC merger
Al Jazeera
Grab Holdings, Southeast Asia’s biggest ride-hailing and food delivery firm, has agreed to a record $40bn SPAC merger – the biggest blank-check company deal ever.
Southeast Asia’s biggest ride-hailing and food delivery firm, Grab Holdings, agreed to a merger on Tuesday with special purpose acquisition company (SPAC) Altimeter Growth Corp, securing a valuation of nearly $40bn and paving the way for a coveted United States listing. The merger, the biggest blank-cheque company deal ever, underscores the frenzy on Wall Street as shell firms have raised $99bn in the United States so far this year after a record $83bn in 2020. Singapore-based Grab’s agreement with the SPAC backed by Altimeter Capital includes a more than $4bn private investment in public equity by investors including BlackRock, Temasek Holdings, Fidelity International and Janus Henderson Investors.More Related News